Kochi: On Tuesday, August 22, the Enforcement Directorate (ED) conducted a raid at the residence of CPM MLA AC Moideen in Wadakkancherry, Thrissur district. This raid is part of an ongoing investigation into a money laundering case connected to the Rs 312 crore fraud at the Karubannur Co-operative Bank, which is controlled by the ruling Communist Party of India (Marxist) (CPM).
AC Moideen, who is reportedly under scrutiny by the ED for benami assets, was previously a State Minister in the first Pinarayi Vijayan government from 2016 to 2021. The ED's actions involve searching over six locations linked to the MLA and others in the state, carried out under the provisions of the Prevention of Money Laundering Act (PMLA). The raid teams are accompanied by central paramilitary force personnel.
As the 12-person team continues the search at Moideen's home, reports indicate that he is present during the operation. The investigation has revealed that Moideen, a senior leader of the CPI(M) who represents the Kunnamkulam constituency in the state Assembly, had close ties with those involved in running the Co-operative Bank. These raids come after the ED filed cases against 18 individuals, including members of the director board and staff of the prominent Co-operative bank. In a related inquiry, a 75-member team had carried out searches on the residences of the Karubannur Co-operative Bank's president, secretary, and other accused persons on Monday, August 21.
The Co-operative bank fraud came to light in Kerala in 2021. On July 14, 2021, the Irinjalakuda police initiated a complaint against the accused parties. Subsequently, the case was transferred to the state crime branch. Allegations have emerged suggesting that the bank's board members were aware of the ongoing fraudulent activities, involving widespread forgery of signatures and documents.
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