ED Attaches Assets Worth Rs. 20.13 Crore in Money Laundering Case Linked to Kannur Urban Nidhi Fraud
(Judicial Quest News Network)
In a major crackdown, the Directorate of Enforcement (ED) has provisionally attached movable and immovable properties worth approximately Rs. 20.13 crore under the Prevention of Money Laundering Act (PMLA), 2002. The action, taken on December 23, 2024, is part of an ongoing investigation into a money laundering case involving the fraudulent activities of the Kannur Urban Nidhi (KUN) company.
The attached assets include properties and bank accounts belonging to the accused persons, their associated firms, and family members. The investigation revealed that the promoters of KUN—Antony Sunny, Shoukkath Ali M M, and Gafoor K M—misled investors with promises of returns between 12% to 12.5% on deposits, ultimately embezzling around Rs. 40 crores, identified as proceeds of crime.
KUN was found to have deliberately violated Nidhi Company regulations and misused its funds for the establishment of another business, M/s Anytime Money Pvt Ltd., after being denied bank loans. Funds were also diverted to personal accounts for business expenses and loan repayments.
Earlier, searches at the residences and offices of the accused led to the seizure of incriminating documents, and their bank accounts were frozen. The three main accused—Antony Sunny, Shoukkathali M M, and Gafoor K M—were arrested on November 27, 2024, under Section 19 of PMLA, and are currently in judicial custody. Further investigations are ongoing.
