Enforcement Directorate Concludes 22-Hour Operation at Former Minister AC Moideen’s Residence

The Enforcement Directorate (ED) has wrapped up its extended 22-hour operation at the home of A C Moideen, a former Kerala Industries Minister and MLA of Kunnamkulam, on the early hours of Wednesday.

This thorough investigation was initiated in connection with Moideen’s alleged involvement in a scam worth Rs 125.83 crores associated with Thrissur’s Karuvannur Cooperative Bank. The examination, carried out by officials from the ED’s Kochi office, commenced at Moideen’s residence around 7 am on Tuesday and concluded at 5 am on Wednesday.

In parallel, simultaneous raids were executed at the residences of Satheesan (Vellapaya Satheesan), a native of Thrissur, and Anil, a gold merchant from Cherpp. Interestingly, the ED’s action coincided with the Cooperative Department’s apparent decision to conclude its inquiry by attributing the fraud solely to former administrative body members and employees.

Moideen had served as a minister in the state cabinet from 2016 to 2018. However, even prior to his tenure, senior officials within the cooperative department had compiled a report on the scam. Allegations have emerged that Moideen attempted to conceal the findings and evade necessary actions after being approached directly by Cooperative Registrars when no responsive measures were taken.

In response to these developments, the ED collected relevant documents and evidence from both the bank and witnesses. The alleged scam involved the unauthorized disbursal of loans, primarily in cash, to non-member individuals using members’ properties as collateral, without their knowledge. The subsequent laundering of funds benefited those accused.

Under the provisions of the Prevention of Money Laundering Act (PMLA), the federal agency conducted searches across several locations in the state, seeking evidence of potential “benami” assets.

A C Moideen, a prominent political figure in Kerala, has held various governmental roles, including the position of Industrial Minister. He has been an active participant in the state’s political arena for numerous years. Additional details regarding this ongoing investigation are anticipated to be revealed in the near future.