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ED raids: Heavy Security surrounds Kandala Co-op Bank in TVM

The Directorate of Enforcement (ED) is currently conducting extensive raids at the Kandala Cooperative Bank and the residences of its officials in Thiruvananthapuram. These searches commenced early on Wednesday, with heavy security measures put in place around the bank, which is affiliated with the Communist Party of India (Marxist), or CPM. An internal investigation had previously indicated the occurrence of a substantial scam, estimated at over Rs 100 crore, within the bank. Over 50 depositors had already filed police complaints, and the Crime Branch had been investigating the matter. However, affected depositors expressed dissatisfaction with the ongoing probe, leading to the ED’s involvement.

Reports suggest that the search operations began as early as 5 a.m. and included the residences of both current and former officials of the bank. This development unfolds amidst growing concerns within the cooperative sector, with media reports shedding light on alleged scams and ED interventions in multi-crore loan scams, such as the one at the Karuvannur Service Cooperative Bank. The agency has already filed its initial chargesheet in the money laundering investigation linked to that case.

The Kerala government has accused the BJP-led central government of tarnishing the cooperative sector’s image. The state is vehemently opposing the Multi-State Cooperative Societies (Amendment) Bill, recently passed by the Lok Sabha. It alleges that the BJP-led government is attempting to undermine the country’s federal system through this new legislation. In response, the BJP organized a protest march against the purported frauds taking place in the state’s cooperative banks, led by actor Suresh Gopi. This situation underscores the complex interplay of politics, economics, and governance in the cooperative banking sector in Kerala.

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