ED searches 12 premises linked to BLM society

The Enforcement Directorate (ED), Kochi Zonal Office, on Wednesday (October 4, 2026) conducted search operations on 12 premises linked to Bharath Lajhna Multi State Housing Co-operative Society Ltd. (BLMSHCS) and its founder R.

Premkumar in Ernakulam, Kozhikode, Thrissur, Thiruvananthapuram, Munnar, and Chennai under the provisions of the Prevention of Money Laundering Act (PMLA). The searches were related to the alleged misappropriation and laundering of public funds belonging to BLMSHCS by Mr.

Premkumar for the acquisition of assets in his name as well as in the names of his family members. The ED investigation was initiated on the basis of a first information report (FIR) registered by the Kerala Police against Mr.

Premkumar, founding member and de facto CMD of BLMSHCS, and others. According to the FIR, he misused his influence to divert crores of rupees belonging to the society, collected from public depositors, to the accounts of his family members and relatives for the acquisition of assets.

It is also alleged that properties belonging to BLMSHCS were mortgaged, and that the funds raised were utilised for personal benefit and for acquiring assets in the names of family members of Mr. Premkumar. The FIR said that the proceeds of the crime amounted to around ₹80 crore.

According to the ED, around 320 bank accounts were being operated by Mr. Premkumar and his associates to layer the funds of BLMSHCS. An analysis of these accounts showed that public funds of BLMSHCS had been diverted by Mr.

Premkumar for personal benefit and for acquiring both movable and immovable assets in the names of family members or entities controlled by them. “It was also found that properties belonging to BLMSHCS were mortgaged to obtain loans from financial institutions, and that the loan proceeds were utilised for acquiring personal assets.

The money was circulated and layered through source funds. Analysis of the bank accounts further indicates that the misuse of BLMSHCS funds runs into hundreds of crores. The exact quantification is in progress,” a statement issued by the investigation agency said.