Karuvannur bank fraud: Black money transactions of Rs 180 crores took place, ED to submit first charge sheet today

KOCHI: The Enforcement Directorate (ED) will submit the first charge sheet today in the Karuvannur bank fraud case. 50 people have been named as accused in the charge sheet. The 12,000-page charge sheet will be submitted in a special court in Kochi today afternoon.

Private moneylender P Sathish Kumar is the main accused. The charge sheet states that black money transactions worth Rs 90 crore were found. The ED is conducting the probe based on the case registered by the Kerala police in connection with the bank fraud.
So far, the ED has seized properties worth Rs 87.75 crores in connection with the case.

Apart from Sathish Kumar, middleman PP Kiran, Wadakkanchery Corporation member and CPM local committee member PR Aravindakshan, Karuvannur Bank former accountant CK Jils have also been named accused in the charge sheet. The ED found that a black money transaction of around 180 crore rupees took place with the knowledge of the bank's administrative committee and political leadership.

Meanwhile, the administrative committee informed that depositors will be refunded from Karuvannur Cooperative Bank from today. Overdue deposits above Rs 50,000 up to Rs 1 lakh can be withdrawn starting today. Starting on the 11th of this month, fixed deposits with maturities up to Rs 50,000 can also be withdrawn. Savings depositors can withdraw up to Rs 50,000 from all bank branches starting on the 20th.