The Enforcement Directorate (ED) conducted extensive raids on multiple locations related to Kannur Urban Nidhi Limited (KUNL) and its directors, including M Shoukat Ali and K M Gafoor. The investigation revolves around an alleged financial fraud where the company is accused of deceiving investors by promising high returns. Raids were carried out at the firm’s offices in Kannur, Kozhikode, and Palakkad, as well as the residences of the directors and associates, including Antony Sunny, P V Pratish, and C V Jasheena. The ED seized various documents related to deposits and scrutinized bank accounts linked to fund diversion during the raids.
The allegations suggest that Kannur Urban Nidhi Limited engaged in fraudulent practices, attracting scrutiny from the ED, which is focused on uncovering the financial irregularities and the extent of the alleged fraud. The raids aimed to gather evidence and documentation to aid the ongoing investigation into the company’s activities, shedding light on the mechanisms used to lure investors and the subsequent misuse of funds.
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