ED Conducts Searches at Former MLA P V Anvar’s Properties in Loan Misappropriation Case

Malappuram: The Enforcement Directorate (ED) on Friday carried out searches at the residences and business centres of former MLA P V Anvar and four others in connection with the alleged loan misappropriation at the Kerala Financial Corporation (KFC) Malappuram branch.

The investigation is being carried out under the Prevention of Money Laundering Act (PMLA) against Anvar (58), his driver Siyad, and three KFC officials — Abdul Manaf, T Mini, and Muneer Ahamed. The probe began after the Kerala Vigilance and Anti-Corruption Bureau (VACB) recently registered a case over irregularities related to loans sanctioned from the KFC office.

According to ED sources, in 2015, KFC Malappuram sanctioned a loan of 7.5 crore to Anvar’s driver Siyad for business purposes without properly evaluating the collateral. Repayments stopped within a few months. Later, two more loans — 3.05 crore and 1.56 crore — were granted to Anvar’s company, PVR Developers, using the same collateral that had already been used for the earlier 7.5-crore loan.

Officials said KFC suffered a total loss of 22.30 crore due to these irregularities.

The ED began searches at around 7 am at Anvar’s residence in Edavanna and at his business establishments, including an amusement park in the district. Simultaneous searches were held at the houses of Siyad and the three KFC officials.

Last month, the ED recorded the statement of Murugesh Narendran, who had filed the complaint with the VACB.