Kannur Urban Nidhi case: ED freezes ₹9.75 lakh in eight accounts

The Directorate of Enforcement (ED) conducted searches at multiple locations in Kannur, Palakkad, and Kottayam as part of an investigation into money laundering related to the Kannur Urban Nidhi (KUN) fraud case. The investigation focuses on KUN, its directors, and promoters who allegedly diverted funds from the company to a new entity, resulting in significant losses for investors. The recent searches led to the freezing of bank accounts and property documents linked to the main accused, Antony Sunny. Earlier searches at directors’ homes in January 2024 also uncovered incriminating evidence.