ED, CBI conduct multiple searches at cooperative banks in Kerala

Officials examined documents of huge deposits after November 8 to 14, fake accounts hawala deposits

The Enforcement Directorate (ED) on Thursday conducted inspections in the state cooperative banks of Kannur, Kozhikode and Thrissur.

The Central Bureau of Investigation (CBI) also conducted inspection in Kollam and Malappuram districts.

The officials examined the documents of huge deposits after November 8 to 14, fake accounts and hawala deposits.

The ED earlier on December 1 raided multiple hawala operators across the country involved in illegal conversion of old currency notes of Rs. 500 and Rs. 1,000 to valid legal tender since demonetisation on November 8.

The ED raided multiple locations in Delhi, Mumbai, Kolkata, Hyderabad, Bengaluru, Ahmedabad, Chennai among others based on intelligence gathered by the agency.

Two days after Prime Minister Narendra Modi announced scrapping of Rs. 500 and Rs 1,000 notes to curb corruption and black money, the Income Tax department raided several hawala dealers and jewellers across the country for cutting barter deals with people to convert invalid currency notes into valid legal tender.