According to the PTI reports, the Enforcement Directorate recently raided the premises of former minister and CPI(M) MLA AC Moideen and some others for their involvement in an alleged Rs 100 crore fraud in Karuvannur cooperative bank controlled by CPI[M]
The federal agency is carrying out searches under the provisions of the Prevention of Money Laundering Act (PMLA).
The main accused Moideen is a senior CPI(M) leader and he represents the Kunnamkulam constituency in the state Assembly.
The ED suspects many “benami” loans were distributed allegedly on the instructions of Moideen.
