6 months ago
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Businessman and erstwhile legislator P.V. Anvar connected Thursday (January 08, 2026) appeared astatine the Kochi zonal bureau of the Directorate of Enforcement (ED) for being questioned successful transportation with an ongoing probe into suspected wealth laundering linked to alleged fraudulent indebtedness sanctions by the Kerala Financial Corporation (KFC) successful 2015.
The enforcement bureau had conducted hunt operations astatine aggregate premises associated with Mr. Anvar and others successful November 2025. At that time, the bureau stated that the erstwhile legislator could not supply satisfactory explanations for the crisp summation successful his assets from ₹14.38 crore successful 2016 to ₹64.14 crore successful 2021, contempt declaring antagonistic income during 2015-2020.
The searches reportedly uncovered 15 slope accounts held successful the names of antithetic individuals, alleged to beryllium benamis, done which suspicious transactions had taken place. Incriminating documents and integer evidence, including merchantability agreements, fiscal records, spot papers, aggregate registers, and physics devices, were seized during the operations.
Fund diversion
The searches were carried retired astatine residential, business, and organization premises linked to Malamkulam Constructions Pvt. Ltd., Pee Vee Aar Developers, Bis Manjeri LLP, the Malappuram subdivision of the KFC, and the residences of cardinal individuals involved. The probe pertains to loans amounting to ₹7.5 crore to Malamkulam Constructions and ₹4.61 crore to Pee Vee Aar Developers, sanctioned against the aforesaid collateral properties wrong a abbreviated span. This resulted successful full Non-Performing Assets of astir ₹22.30 crore. Preliminary grounds indicates diversion of sanctioned funds, the usage of nominal shareholders and directors, and suspected benami ownership of assets, according to the ED statement.
The bureau claimed that Mr. Anvar admitted to being the existent beneficial proprietor of Malamkulam Constructions, contempt the institution being registered successful the names of his nephews and driver. “He confirmed that the indebtedness amounts were utilized for the ample township task ‘Pee Vee Aar Metro Village.’ Statements from his associates revealed that documents were routinely signed astatine his instruction, funds were diverted to related entities, and definite currency collections were handled extracurricular regular accounting channels,” the agency’s connection said.
It was besides recovered that definite buildings successful Pee Vee Aar Metro Village were constructed by Malamkulam Constructions Pvt. Ltd. without due approvals from section oregon regulatory authorities, and proceeds of the transgression were infused into the construction. Searches astatine the premises of Bis Manjeri LLP and Pee Vee Aar Metro Village revealed extended operation and commercialized activity, including schools, an amusement park, a resort, villa projects, and flat blocks. Evidence collected suggests that indebtedness proceeds were transferred betwixt related entities and utilized for purposes unrelated to the sanctioned activities.
Statements from the KFC officials recorded during the cognition revealed procedural lapses, non-verification of anterior mortgages, and re-use of the aforesaid collateral for consequent loans. The method serviceman admitted that valuation reports were reused without caller inspection, portion the ineligible serviceman acknowledged that earlier encumbrances went undetected, the ED claimed.
