Kerala minister for cooperation Mr Kadakampally Surendran has criticized raids conducted by the CBI and the Enforcement Directorate (ED) in the state.
Co-op Banks in Kollam, Malappuram, Kozhikode, Kannur and Thrissur districts are being raided in these places. This is a move aimed at destroying the cooperative movement in Kerala, he said.
Meanwhile, Kerala BJP leaders have alleged that cooperative banks in the state are overflowing with unaccounted money belonging to the Congress- led UDF and the CPI-M-led LDF.
The cooperative banking sector in Kerala is a three-tier system, with about 1,600 primary cooperative banks attached to 14 district banks, which are further linked to the apex Kerala State Cooperative Bank (KSCB). The total deposits in these cooperative banks are around Rs 1.27 lakh crore.