Financial Irregularities in Kerala: The Anvar Loan Scandal

The Enforcement Directorate (ED) investigates alleged loan misappropriation by former MLA P V Anvar. ED's probe reveals financial irregularities related to loans from Kerala Financial Corporation (KFC), involving benami transactions and unauthorized constructions. Anvar admitted to controlling Malamkulam Constructions, misusing loan funds for PVR Metro Village.

The Enforcement Directorate (ED) has uncovered significant financial irregularities linked to P V Anvar, a former MLA, during its investigation into alleged loan misappropriation from the Kerala Financial Corporation (KFC).

Raids at Anvar's properties revealed misuse of a KFC loan, initially granted to Malamkulam Constructions in 2015. Subsequent loans to Pee Vee Aar Developers used the same collateral, creating a total NPA of approximately Rs. 22.3 crore.

ED unearthed transactions indicating diversion of funds and benami holdings. Anvar admitted to controlling Malamkulam Constructions and misusing loans for PVR Metro Village. Further scrutiny revealed procedural lapses at KFC, prompting ED's comprehensive investigation.

(With inputs from agencies.)