ED raids Ragam Theatre in Thrissur in connection with BLM financial fraud case

The Enforcement Directorate (ED) conducted a raid at Ragam Theatre in Thrissur in connection with the alleged financial fraud involving the Bharat Lajna Multi-State Housing Co-operative Society (BLM). It was part of ED raid conducted at various centres of the BLM.

The theatre, formerly known as Georgettan’s Ragam, was recently taken over by BLM. The ED action comes amid allegations of large-scale diversion of funds collected from depositors by the multi-State co-operative society.

According to allegations under investigation, the society-owned theatre was mortgaged to a financial institution, but the proceeds, reportedly running into crores of rupees, were not credited to the society’s accounts.

The case involves allegations that the society collected nearly ₹300 crore from ordinary investors through fraudulent deposit schemes. Complainants, however, claim that the total extent of the alleged fraud could be much higher.

According to a report submitted before the Kerala High Court by the Economic Offences Wing of the Crime Branch, funds mobilised through the society were allegedly diverted by its founder, R. Premkumar, for his personal use and that of his relatives.

The report also alleged that depositors’ money was diverted towards the purchase of theatres, resorts and hotels in Thrissur, besides being transferred to the accounts of private companies controlled by those involved.

The investigation has intensified against BLM chairman R. Premkumar over allegations of misappropriation and diversion of depositors’ funds.

Mr. Premkumar had earlier been taken into custody by the Crime Branch in connection with the case involving allegations that investors’ money was diverted for private purposes.

The ED raid marks a significant development in the case, which is already under investigation by the State’s Crime Branch.