Karuvannur bank fraud case; ED confiscates properties worth Rs 57.75 crore

KOCHI: 57.75 crore worth of property has been confiscated by the Enforcement Directorate in connection with the Karuvannur bank fraud case. The seized properties include the bank deposits and other assets of individuals involved in the Karuvannur bank money laundering case. ED has informed that during the case investigation, property worth 87.75 crores has been seized so far and the investigation is in progress. The seized assets include 11 vehicles and 92 bank deposits. 117 properties were confiscated in Kerala and Karnataka.

The assets of P Sathish Kumar, former accountant CK Jills, commission agent PP Kiran, those who took loans using fake names and forged documents, etc., were confiscated in the Karuvannur fraud case.

Although there are indications that ED has also seized deposits including those of political leaders frozen by them earlier, officials have not confirmed this. The information of several persons who obtained loans through fraud and caused losses to the bank by non-repayment and the records of the mortgaged properties were seized in the raid conducted at the Karuvannur Co-operative Bank. Their land properties were confiscated as per the documents obtained during the raid conducted at nine places including the Thrissur Co-operative Bank.

ED had informed that crucial information was obtained regarding the Rs 500 crore fraud in the Karuvannur Bank during the raids. Documents including benami land properties of the fraudsters were seized in the raids conducted at Thrissur Co-operative Bank, District Co-operative Bank, Ayyanthole Co-operative Bank, offices of three document writers, a gold dealer, benami houses and a businessman's office in Kochi. According to ED sources, these are also among the confiscated items.