Money Aravindakshan embezzled from Karuvannur Cooperative Bank was made into FD of Rs 50 lakh: ED remand report

THRISSUR: According to ED's remand report, Vadakanchery municipal councilor and CPM leader PR Aravindakshan has a fixed deposit of 50 lakhs in Karuvannur Bank. According to ED, this is the amount he got by helping Satheesh, the main accused in the Karuvannur bank fraud case.

The ED found that Satheesh Kumar handed over a portion of the amount swindled from the Karuvannur Cooperative Bank through benami loans to Aravindakshan. The remand report also states that Satheesh had the deliberate help of Aravindakshan to commit the fraud. A witness statement has been obtained that out of the Rs 24 crores that Kiran embezzled, Rs 25 lakh was handed over to Arvindakshan and Satheesh and his brother Sreejith had also handed over the same amount. ED also alleged that Aravindakshan was the middleman in the transaction.

PR Aravindakshan and former bank accountant Jins, who were arrested in the case, have been remanded to Ernakulam sub jail. Sections including money laundering have been charged against them. ED has asked for two days custody. The court will consider ED's custody application tomorrow.