ED raids three cooperative banks in Kerala over alleged fraud and money laundering
The Enforcement Directorate conducted searches on Wednesday, October 7, 2026, at multiple locations across Kerala in connection with its investigation into alleged financial fraud and money laundering involving three cooperative banks. The searches targeted Angamaly Urban Service Co-operative Bank in Ernakulam, Thennala Service Co-operative Bank in Malappuram, and Kuttanellur Service Co-operative Bank in Thrissur. Three units of the ED's Kochi zonal office were involved in the operation across various premises.
At Angamaly Urban Service Co-operative Bank, alleged forgery and cheating amounting to approximately ₹55 crore occurred since July 7, 2002. Loans were allegedly sanctioned on forged applications and applications submitted without requisite documents, including in the names of non-members. The Kerala Police had registered cases against 14 governing committee members and six employees, both past and present. The Thennala Service Co-operative Bank case involved an estimated ₹10 crore fraud related to fraudulent loan sanctions and fund misappropriation, with searches conducted at nearly seven premises in Kozhikode and Malappuram. The Kuttanellur Service Co-operative Bank fraud, involving approximately ₹27 crore, allegedly involved cheating by office-bearers through transfer of mortgaged properties without the consent of owners and depositors, with searches at around six connected premises.
