ED questions Thrissur cooperative bank secretary in Kochi

THRISSUR: Kerala Bank's Vice President, M K Kannan and Chairman of Thrissur Service Cooperative Bank, Secretary N B Binu were summoned to Kochi by the Enforcement Directorate (ED) for questioning. This is to clarify what was discovered during the inspection conducted from Monday morning to Tuesday morning. The inspection at Ayyanthol Service Co-operative Bank, which commenced at 10 am on Monday concluded at 8 am on Tuesday. The ED team collected all account information and related documents pertaining to Satheesan from both locations. Two days before the inspection at Ayyanthol Bank, the bank officials had sent the requested information by email. The raid was conducted for a direct inspection and to obtain additional documents. Bank President N Raveendranath confirmed that the information sent via email was verified as stated by Rabindranath in his media statement.

N Raveendranath stated that the allegation that Velappaya Satheesan, the primary accused in the Karuvannur black money case laundered illicit funds through an SB account at Ayyanthol Bank is false. A total of 40 crore rupees has not been transacted in this account. Satheesan is not a bank member and there is no loan in his name. Only 20 lakhs are frozen in accounts by the ED. Even if calculated based on turnover including debit and credit, a maximum transaction of 2 crores would have occurred. The figure of 40 crores is sensational and misleading. The bank only offers secured loans, ensuring that investors do not lose their funds. Those requesting loans will be approved by the committee upon the completion of the term. The bank cannot restrict instalment payments into the account, as it is the right of the depositor especially considering that in 2013, the KYC criteria were not as stringent.