New Delhi: The Enforcement Directorate (ED) on Tuesday raided the premises of CPI(M) MLA AC Moideen and some others as part of its money laundering probe related to the alleged Rs 100 crore fraud in the CPI(M)-controlled Karuvannur Co-operative Bank.
New Delhi: The Enforcement Directorate (ED) on Tuesday raided the premises of CPI(M) MLA AC Moideen and some others as part of its money laundering probe related to the alleged Rs 100 crore fraud in the CPI(M)-controlled Karuvannur Co-operative Bank.
Official sources said the crackdown under the provisions of the Prevention of Money Laundering Act (PMLA) is taking place in about half a dozen premises in the state.
Sources said the premises of former local self-government minister Moideen and those associated with him are being searched for evidence to gather details of ‘benami’ assets.
The case pertains to the ED’s investigation that on the instructions of the district level leaders of the CPI(M) and members of the committee governing the bank, the properties of poor members were mortgaged without their knowledge to non-member benami allegedly ” The loan was disbursed “in cash” and laundered for the benefit of the accused.
The agency suspects that several such ‘benami’ loans were allegedly disbursed on the instructions of Moideen.
