The Enforcement Directorate (ED) on Wednesday, November 4, conducted searches at locations across Kerala and Tamil Nadu in connection with an investigation into alleged money laundering involving the Bharath Lajhna Multi State Co-operative Society, known as BLM. The central agency searched at least 11 locations in cities including Kochi, Kozhikode and Chennai, linked to R. Premkumar, the society's founding member and de facto chairman and managing director, and to some others, according to ED sources.

Source: The Hindu

A second report of Wednesday's operation said the searches covered eleven premises in Kerala and Chennai and that investigators were cataloguing documents seized during the action. The report alleged that investigators believe depositors' money was moved into personal accounts controlled by family members, that a property identified as the Ragam Theatre was hypothecated to Brio Financial Services, and that roughly 500 acres of land in Kanchipuram was purchased in the name of Premkumar's wife. These are allegations reported by the outlet; they have not been proved in court.

Source: Report Wire

Wednesday's searches are the latest step in a widening probe of the Chennai-headquartered society. On October 29, the Economic Offences Wing of the Kerala Crime Branch arrested Premkumar from his Chennai residence in connection with an alleged Rs 300-crore financial fraud. Investigators suspect that members' deposits were diverted to personal accounts of Premkumar and his relatives and used to purchase resorts and theatres, and the Crime Branch has reportedly identified around 320 suspected bank accounts linked to them. The society, established in Chennai in 2006, reportedly has over 15 lakh members and around 150 branches across Kerala, Tamil Nadu and Puducherry.

Source: Indian Cooperative

A Kozhikode court granted Premkumar bail on October 30 in the Crime Branch case, which followed a complaint by a Kozhikode resident alleging financial irregularities at the society. Premkumar has denied wrongdoing: he has said the society is functioning properly and is regularly repaying depositors their principal and interest, and he has approached the Kerala High Court to challenge the case, with a hearing scheduled for November 29. He had also complained to Kerala's chief minister and home minister last month, alleging a false campaign against the society.

Source: Reporter World News

The ED has not, in the reports reviewed, announced arrests or a seizure figure from Wednesday's searches. The money-laundering investigation now runs alongside the state Crime Branch probe, and what the searches yield — and whether the agency moves to attach assets — will decide the next stage for the society's depositors across Kerala, Tamil Nadu and Puducherry. All allegations in the case remain allegations until tested in court.