States » SouthPosted at: Nov 10 2025 9:32PM


ED conducts raids in Kerala Co-operative Bank fraud case

Kochi / New Delhi, Nov 10 (UNI) The Enforcement Directorate (ED)'s Kochi Zonal Office today said that it recently conducted search operations at five locations in Thiruvananthapuram in a case against Nemom Service Co-operative Bank Ltd.
The ED initiated its investigation under the Prevention of Money Laundering Act (PMLA) based on 24 FIRs (first information reports) registered by the Kerala Police. The FIRs alleged that the bank's Managing Committee misappropriated public funds and failed to return deposits collected from the public, causing significant financial loss to depositors. The offences, registered under Section 420 of the Indian Penal Code and Section 318(4) of the Bharatiya Nyaya Sanhita, 2023, are scheduled offences under the PMLA, 2002.
During the investigation, statements from depositors recorded under Section 50 of the PMLA indicated that they had deposited their savings with the bank but were subsequently denied withdrawals despite repeated requests. Concerns were raised about the financial management and decision-making by the then Managing Committee.
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