Kerala cooperative banks granted ‘illegal loans’ ed
Large-scale money laundering carried out in various cooperative banks; ECIR registered against 16 banks and two societies under PMLA, Enforcement Directorate informs Kerala High Court.The Enforcement Directorate on Thursday informed a Division Bench of the Kerala High Court that large-scale money laundering had been carried out in various cooperative banks and societies and Enforcement Case Information Report (ECIR) had been registered in respect of 16 banks and two societies under the Prevention of Money Laundering Act.
The submission was made by the ED when a batch of writ appeals filed by some of the depositors in Mylapra Service Cooperative Bank and Kumplampoika Service Cooperative Bank in Pathanamthitta district seeking return of their deposits came up for hearing.
The court had last time directed the ED to inform it about the pending cases filed by the agency.
In a statement, the ED submitted that its investigation found that cooperative banks and societies had granted illegal loans with or without the knowledge of the borrowers. It was found that loans had been granted by overvaluing mortgaged property and even multiple loans on the same property. Besides, it was also found that ineligible persons and persons living outside the limits of the society had been granted loans.
The ED had taken action under the PMLA by confiscating the property involved in the illegal acts and arresting the offenders. It had come out during the probe that the societies did not initiate any recovery proceedings in respect of overdue loans when the offenders were holding office of the societies.
Top court quashes FIRs against Gen Z protesters
Sep 04, 2026
Stay updated with The Hindu Editorial Vocab24 app, your definitive source for breaking news and comprehensive coverage from India and around the globe. Whether it's political developments, business updates, sports highlights, the latest technology trends, or current events, The Hindu brings live, accurate, and reliable news directly to your device.
Don’t fall for sensationalized or fake news shared online. Read and share accurate updates with friends and family through The Hindu Editorial Vocab24 app. Download it today!
News Coverage in The Hindu Editorial Vocab24 App
Breaking News: Receive instant notifications on breaking news stories as they unfold. Stay informed about major events and developments in India and around the world with live blogs, news in shorts videos, and concise articles.
Politics: Get the latest updates on Indian politics, including elections, policy changes, government decisions, and political events that shape the nation.
Business and Economy: Stay ahead in the economic landscape with detailed business news and market analysis. Learn about stock market trends, financial reports, corporate news, and economic developments to make informed investment decisions.
Current Events: Follow stories on social issues, policy changes, global events, and daily current affairs, tailored for UPSC and other competitive exam preparations.
Technology: Keep up with the latest gadgets, innovations, and tech trends. Read expert reviews and analyses in short, concise updates on cutting-edge technology from India and beyond.
Sports: Never miss a moment of your favorite sports. Get live scores, match reports, and expert analysis on cricket, football, tennis, and more.
International News: Stay informed about global events and geopolitical developments, including the Russia-Ukraine war, Israel-Palestine conflict, and other key international stories.
Local News: Stay connected to your community with the latest updates on city events, issues, and local news. Coverage includes hyperlocal updates from cities like Bangalore, Chennai, Delhi, Hyderabad, Mumbai, Kolkata, and more.
Trending Topics: Discover what's trending today with the most talked-about stories and hot topics across India and the world.
Experience journalism that values integrity, accuracy, and reliability. Download The Hindu Editorial Vocab24 app today and stay connected with the world.
Subscribe to our newsletter!
