KOCHI: The Enforcement Directorate (ED) has registered a case and started investigation into the alleged loan scam amounting to around Rs 96cr at the Angamaly Urban Cooperative Society.
The state crime branch has been investigating the case. The crime branch investigation has found that as many as 422 bogus loans were granted against title deeds of properties. In many cases, the original title holders were not even aware of granting the loans.
Apart from bogus loans, cases were also filed at local police stations by investors complaining that their investments were not being returned.
The case was registered and investigated by the Angamaly police before the crime branch took over.
A first information report (FIR) registered by Angamaly police alleged that the forgery and subsequent cheating happened July 7, 2002, onwards.
Loans were issued on forged applications as well as applications submitted without requisite documents, even in the name of non-members, the FIR said.
