ED conducts searches in three districts of Kerala as part of Kannur Urban Nidhi fraud

According to the investigating agency, the searches resulted in the freezing of 8 bank accounts in which funds worth around Rs 9.75 lakh were frozen.

“The ED conducted searches at five premises in Kannur, Palakkad and Kottayam districts of Kerala in a case of money laundering fraud that took place in Kannur Urban Nidhi (KUN). The searches have resulted in the freezing of eight bank accounts in which money to the of about Rs 9.75 Lakh had been frozen,” the research agency said.

Earlier in January this year, the ED raided several offices of the Kannur Urban Nidhi Limited (KUNL) and the residences of its directors and their associates as part of its investigation into an alleged fraud involving the company.

According to reports, the raids were conducted at offices in Kannur, Kozhikode, Palakkad, Kannur and Kozhikode and houses of directors.

The ED has seized several documents relating to deposits taken by the company and bank accounts to which the money was diverted.