Kerala: ED raids in money laundering case related to Kannur Urban Nidhi Limited, alleges fraud
Kerala: The central agency is looking through four or five properties in Malappuram and Thrissur. The inquiry relates to a purported instance of deception and fraud wherein deposits were obtained with the false promise of returns as high as 12–13%.
Monday saw several raids by the Enforcement Directorate (ED) in Kerala as part of their investigation into a money laundering case about an alleged multi-crore rupee scam by Kannur Urban Nidhi Limited.
According to AmarUjala, the central agency is searching around four to five premises in Thrissur and Malappuram. The investigation pertains to an alleged case of fraud and cheating the public by collecting deposits by promising returns as high as 12-13 per cent.
According to AmarUjala, the promoters of Kannur Urban Nidhi Limited are accused of embezzling this deposit amount and investing this amount in private properties.
Along with the Kerala Police and the Economic Offences Wing (EOW), the ED filed a case against the promoters and directors, including Gafoor KM, Shaukat Ali, Anthony S, and Jasheena (who is incarcerated), by the provisions of the Prevention of Money Laundering Act (PMLA). acknowledged receipt of 150 FIRs.
According to AmarUjala, around Rs 20 crore of government funds was allegedly defrauded and the ED is trying to find out the extent of the fraud.
