The searches target a cooperative society and its promoter in connection with a money laundering investigation.
The Enforcement Directorate (ED) conducted searches in Kerala and Tamil Nadu on Wednesday as part of a money laundering investigation. According to reports by Deccan Herald, The New Indian Express and ThePrint, the agency is investigating a cooperative society and its promoter.
The probe involves R Premkumar, who is the founding member and de facto Chairman and Managing Director of the Bharath Lajhna Multi State Co-operative Society (BLM). The investigation also includes several other individuals.
The Kochi office of the central agency searched 11 premises across the two states under the Prevention of Money Laundering Act (PMLA).
Officials allege that Premkumar used his position to redirect crores of rupees belonging to the society, which were taken from public depositors, into the personal accounts of his wife and relatives.
The ED further claimed that Premkumar pledged the society's Ragam Theatre without the funds being transferred to the institution. The agency also stated that he obtained approximately 500 acres in Kanchipuram under his wife's name.
