The Enforcement Directorate (ED) conducted raids on several locations in Kerala on Monday, as part of a money laundering investigation linked to an alleged multi-crore fraud by Kannur Urban Nidhi Limited, according to official sources. The central agency is reportedly searching around four to five premises in Thrissur and Malappuram. The probe revolves around an alleged case of fraud wherein the Kannur Urban Nidhi Limited is accused of cheating the public by collecting deposits with promises of high returns, reaching as much as 12-13%.
The promoters of Kannur Urban Nidhi Ltd. are suspected of diverting the collected deposits and investing them in personal properties. The ED initiated a case under the Prevention of Money Laundering Act (PMLA) after taking note of approximately 150 FIRs filed by the Kerala Police and the economic offences wing (EOW) against the promoters and directors, including individuals like Gafur KM, Shaukat Ali, Anthony S, and a woman identified as Jasheena (currently incarcerated). The alleged defrauding of about Rs 20 crore in public funds is under investigation, and the ED aims to determine the full extent of the fraud.
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