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ED raids premises linked to former MLA PV Anvar in KFC loan fraud case
ED raided homes linked to Trinamool Congress leader PV Anvar and others for alleged ₹22.3 crore loan fraud at Kerala Financial Corporation.
Officials of the Enforcement Directorate (ED) conducted raids at the home and premises linked to Trinamool Congress leader and former Nilambur MLA PV Anvar and four others on Friday in connection with the probe into the alleged loan fraud at the Kerala Financial Corporation (KFC).
Multiple teams of the ED, aided by central security personnel, searched the premises of Anvar, including his home at Othayi in Malappuram district, early Friday morning and those linked to his driver A Siyad, KFC chief manager C Abdul Manaf, deputy manager T Mini and technical officer P Muneer Ahamed.
The allegation against the accused is that they collectively defrauded KFC of ₹22.3 crore by violating loan sanction norms and using the same property documents to obtain multiple loans. The ED probe under Prevention of Money Laundering Act (PMLA) 2002 follows an inquiry by the Vigilance and Anti-Corruption Bureau (VACB) in the same case. The former MLA is arraigned as the fourth accused in the Vigilance case.
According to officials familiar with the matter, a ₹7.5 crore loan was sanctioned to Siyad in 2015 without proper documentation or collateral. The loan reportedly went unpaid, resulting in a loss of ₹16.52 crore for KFC. In the same year, KFC managers issued additional loans to a firm owned by Anvar worth ₹3.05 crore and ₹1.56 crore using collateral from the earlier defaulted loan. This amounted to a total loss of ₹22.3 crore for KFC primarily due to unpaid loans.
According to ED officials, the agency is examining disproportionate assets, diversion of funds into real-estate projects, suspected benami holdings and other unaccounted investments.
Anvar, currently with the Trinamool Congress as its state convenor, was a two-time MLA from Nilambur Assembly constituency in Malappuram and formerly associated with the LDF. He broke ranks with the LDF over differences with chief minister Pinarayi Vijayan and the CPI(M) state leadership last year.
