Karuvannur scam; High Court urges ED to expedite investigation

KOCHI: High Court has instructed the ED to expedite the investigation into the Karuvannur Cooperative Bank fraud. The court expressed dissatisfaction with the prolonged duration of the investigation, emphasizing that it should not drag on.

Justice Devan Ramachandran made these remarks during a hearing of a petition filed by an investor named Ali Sabri, who alleged that his properties had been confiscated and his accounts frozen. Additionally, the High Court directed the ED to present the charge sheet filed in the trial court regarding Ali Sabri's case.

The ED informed the court that the investigation is in its final stages and that the involvement of certain political leaders is evident from the statements gathered in connection with the Karuvannur case. The ED also mentioned their intention to issue summons to these leaders. However, the court pointed out that the investigation is still ongoing.

The court emphasized that the investigation cannot continue indefinitely, as it impacts various stakeholders, including investors. Furthermore, the High Court stated that there should be a defined timeline for the investigation. The case will be revisited in two weeks.