ED, Kozhikode has conducted search operations at 5 premises in Kannur, Palakkad and Kottayam districts of Kerala, in connection with an ongoing investigation in a money laundering case of fraud occurred in Kannur Urban Nidhi. The searches have resulted in freezing of 8 bank accounts wherein funds to the tune of around Rs. 9.75 Lakh were frozen

"On "25/10/2024", the "Enforcement Directorate (ED)" issued an update regarding "ED, Kozhikode has conducted search operations at 5 premises in Kannur, Palakkad and Kottayam districts of Kerala, in connection with an ongoing investigation in a money laundering case of fraud occurred in Kannur Urban Nidhi. The searches have resulted in freezing of 8 bank accounts wherein funds to the tune of around Rs. 9.75 Lakh were frozen.

The investigation began after various FIRs were registered by Kannur Police against M/s KUN, its Directors and Promoters. These individuals had offered high interest rates for fixed deposits, attracting investors from multiple districts. Subsequent investigations have revealed the misuse of funds from a new company, Any Time Money Pvt. Ltd (ATM), which was incorporated by the promoters of M/s. KUN."