Kerala Bank's lifeline to Karuvannur; MK Kannan reveals 40 crores could end crisis

THRISSUR: CPM leader and Vice President of Kerala Bank, MK Kannan stated that the financial crisis in Karuvannur Bank will soon be resolved. Currently, it has reached 30 crores and he mentioned that the crisis could be resolved with an additional 40 crores. MK Kannan also informed that the Board of Directors of Kerala Bank will convene tomorrow to discuss this issue.

However, BJP state president K Surendran responded by saying that providing an advance amount from Kerala Bank to Karuvannur is akin to deceiving investors. He also alleged that even if the entire amount in Kerala Bank is extended, the investors in Karuvannur may not recover their funds.

Simultaneously, MK Kannan informed the media that his questioning by the ED today regarding the Karuvannur bank fraud case was conducted amicably and he is willing to return if summoned. When asked if there were any health issues, he stated, ‘I am in good health; there is nothing wrong with me.’ However, the ED asserted that the CPM leader was not cooperating with their inquiry.

ED officials indicated that the interrogation was halted due to non-cooperation and they hinted at substantial evidence against Kannan suggesting a forthcoming re-examination. Kannan arrived at the ED office for questioning this morning and also met with Chief Minister Pinarayi Vijayan before heading for the inquiry.