ED Freezes Rs 9.75 Lakh in Fraudulent Kerala Scheme

The Enforcement Directorate (ED) conducted searches in Kerala's Kannur, Palakkad, and Kottayam districts, targeting a money laundering case involving Kannur Urban Nidhi. The operation culminated in the freezing of eight bank accounts, with a total of Rs 9.75 lakh seized.

The Enforcement Directorate's (ED) recent search operations in Kerala have unraveled a fraudulent financial scheme. Targeting the Kannur Urban Nidhi (KUN), raids were conducted across five locations in the Kannur, Palakkad, and Kottayam districts.

According to official statements, the operation led to the freezing of eight bank accounts, seizing funds amounting to approximately Rs 9.75 lakh. The ED intensified its focus on KUN earlier this year, raiding various offices and residences linked to the company's directors and associates.

These recent searches in Kannur, Kozhikode, and Palakkad resulted in the confiscation of critical documents, including those relating to illicit deposits. The investigation continues to uncover the intricate layers of this financial deception.

(With inputs from agencies.)