ED Conducts Raids at 12 Locations Linked to ₹1,000 Crore CSR Fraud in Kerala
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Synopsis
The Enforcement Directorate conducted extensive raids in Kerala related to a ₹1,000 crore CSR scam involving key figures who allegedly misled thousands into investing in fraudulent schemes. The investigation is ongoing with significant financial implications.
Key Takeaways
- ED raids 12 locations in Kerala linked to a CSR scam.
- Key figures include K.N. Anandakumar and Ananthu Krishnan.
- Victims were promised high-value products at discounted rates.
- Police probe reveals massive financial transactions.
- Crime Branch registered over 500 cheating cases.
Kochi, Feb 18 (NationPress) The Kochi unit of the Enforcement Directorate (ED) executed raids at 12 locations throughout the state on Tuesday, investigating the ₹1,000 crore corporate social responsibility (CSR) fund fraud in Kerala.
Among the targeted sites are the residence and offices of K.N. Anandakumar, the Chairman of the NGO Confederation and a prominent social activist in Kerala. He is accused of receiving ₹10 lakh monthly from the mastermind behind the scam, Ananthu Krishnan, who has been identified as the key figure in this case.
The raids also extended to the home of senior Congress leader Laly Vincent, who serves as the legal representative for Krishnan.
This fraudulent CSR scheme was reportedly orchestrated by Krishnan, who allegedly enticed victims with offers of high-value items such as scooters, laptops, and sewing machines at half their market price.
Many unsuspecting individuals claimed that Krishnan's aggressive marketing strategies led them to invest their life savings into what seemed like lucrative opportunities.
Interestingly, these ED raids coincide with a lower court's scheduled decision on Anandakumar's anticipatory bail application in the state capital.
Moreover, on Monday, a court in Ernakulam district granted police custody of Krishnan for two days, as the investigative team sought additional insights regarding the scam.
The police have revealed to the court that Krishnan operated 21 bank accounts, with transactions totaling ₹548 crore occurring in just 11 of them.
It was also uncovered that he amassed ₹143.50 crore from approximately 25,000 individuals by promising them two-wheelers at significantly reduced prices.
The investigation team is still working to determine the whereabouts of this missing money and has informed the court that these findings are preliminary, requiring further investigation time.
The Crime Branch of the Kerala Police is also involved in the investigation, having registered over 500 cases of fraud.
–IANS
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