ED behind Thrissur; Raid at another cooperative bank under CPM control

THRISSUR: The Enforcement Directorate (ED) is conducting a raid at the Ayyanthole Service Cooperative Bank. The raid is based on the information of money laundering by P Sathish Kumar, a native of Kannur and a permanent resident of Kolazhy in Thrissur, arrested in the Karuvannur Service Cooperative Bank.

The ED has frozen four accounts in this bank, including those of Sathish Kumar and his family. The details of all these four accounts were checked by the ED officials. It was in this that information was received that Sathish Kumar had laundered black money widely. The wife of P K Shajan, who investigated the Karuvannur case, is working here. Meantime, A C Moideen will appear again before the ED tomorrow. The initial finding is that about Rs 300 crore were swindled from Karuvannur Bank. Around 10 cooperative banks are under investigation by the ED.

The statement received by the ED is that Sathish Kumar is a benami of political leaders. In the statement given by K A Jijor, who was handling his money transactions, there are also references to high-ranking people connected with the governing body at the time of the fraud. It is reported that the swindled money was given to politicians. Kerala Bank Vice President M K Kannan is also under investigation.