Thiruvananthapuram | The Enforcement Directorate on Friday conducted raids at the offices of the Nemom Service Cooperative Bank here as part of a money laundering probe into alleged financial irregularities, officials said.

A team from the ED's Kochi unit began search operations at various branches of the bank in the morning, they said.

Simultaneous searches were also being carried out at the residences of the bank's board members and secretaries at various locations in Thiruvananthapuram, sources said.

According to ED officials, the probe under the Prevention of Money Laundering Act (PMLA) was initiated following an inquiry by the Kerala Cooperative Department, which had detected large-scale financial irregularities at the bank.

The CPI(M)-controlled bank is currently under administrative control following irregularities that were unearthed.

A preliminary inquiry by the Cooperative Department indicated loan manipulations amounting to around Rs 100 crore.

The investigation found that loans were sanctioned to individuals who were not bank members and without adequate guarantees, officials said.

The Kerala Crime Branch had earlier registered a case and arrested former bank secretaries in connection with the irregularities.

Currently, former secretaries and board members are accused in the Crime Branch case, officials said.