ED raided Ragam Theater in Thrissur in connection with BLM financial fraud case

The Enforcement Directorate (ED) has raided Ragam Theater in Thrissur in connection with an alleged financial scam involving the Bharat Lajna Multi-State Housing Co-operative Society (BLM). It was part of an ED raid conducted at various BLM centers.

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

According to the allegations under investigation, the company-owned theater was mortgaged to a financial institution, but the proceeds, which were said to be in crores of rupees, were not credited to the company’s accounts.

The case relates to allegations that the company collected nearly ₹300 crore from ordinary investors through fraudulent deposit schemes. But the complainants say the total scale of the alleged fraud could have been much higher.

According to a report filed before the Kerala High Court by the Economic Offenses Wing of the Crime Branch, the funds mobilized through the company 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 to purchase theatres, resorts and hotels in Thrissur, apart from being transferred to the accounts of private companies controlled by those involved.

Investigations against BLM Chairman R. Premkumar have intensified over allegations of embezzlement and misappropriation of depositors’ funds.

Mr. Premkumar was earlier taken into custody by the crime branch in connection with a case involving allegations that investors’ money was diverted for private purposes.

The ED raid marks a significant development in the case, which is already being investigated by the state crime branch.

Published – 04 Nov 2026 20:41 IST