ED Raids Expose Financial Scandal at Nemom Service Cooperative Bank

The Enforcement Directorate conducted raids on Nemom Service Cooperative Bank and residences of its board members as part of a money laundering probe. Investigations exposed financial irregularities, including loan manipulations worth Rs 100 crore. Former secretaries and board members are accused, with the bank under administrative control.

The Enforcement Directorate (ED) launched raids on Nemom Service Cooperative Bank's offices on Friday, targeting alleged financial irregularities linked to money laundering activities, according to officials.

A Kochi unit team from the ED commenced searches across the bank's branches and the residences of its board members and secretaries in Thiruvananthapuram.

Triggered by an inquiry from Kerala's Cooperative Department, the probe under the Prevention of Money Laundering Act (PMLA) uncovered loan manipulations totaling roughly Rs 100 crore, sanctioned without proper guarantees. Former secretaries and board members are now implicated under Kerala Crime Branch charges.

(With inputs from agencies.)