Published Nov 08, 2026 | 12:47 PM ⚊ Updated Nov 08, 2026 | 12:51 PM
BLM chairman R Premkumar.
The Enforcement Directorate (ED) is preparing to question R. Premkumar, founder and chairman of the Bharath Lajhna Multi-State Housing Co-operative Society Ltd (BLM), as part of its investigation into an alleged financial fraud.
The development follows coordinated searches at 12 locations across Kerala and Tamil Nadu on November 4, during which the ED seized and froze assets estimated at ₹103 crore. The assets include luxury vehicles, including Rolls-Royce and Porsche cars, gold and bank deposits.
As the ED prepares to question him, sources told South First that Premkumar’s network in Puducherry could potentially help him leave the country. Investigators have not ruled out the possibility that he is still in Puducherry. If he fails to accept the ED’s summons, the agency is likely to consider issuing a lookout notice.
According to an official press release issued by the ED on November 5, the searches were conducted in connection with allegations of misappropriation and money laundering involving public funds belonging to BLM.
The ED initiated its investigation based on an FIR registered by the Kerala Police against Premkumar and others.
According to the FIR, Premkumar allegedly misused his influence to divert crores of rupees collected from public depositors into the bank accounts of his family members and relatives for the acquisition of assets.
The FIR further alleged that properties belonging to BLM were mortgaged and the funds obtained through such transactions were utilised for personal benefits and for acquiring assets in the names of Premkumar’s family members.
The proceeds of crime in the case have been estimated at approximately ₹80 crore, as per the FIR.
Premkumar was arrested by the Kozhikode Crime Branch on October 29 in connection with the alleged diversion of funds amounting to ₹ 5,000 crore. He was granted bail by the Additional Chief Judicial Magistrate Court in Kozhikode on October 30.
(Edited by Fayisa CA)
Also Read: Exclusive: Tip of the iceberg? How BLM and R Premkumar spun their alleged grand web of deception
