Karuvannur scam: Devi Financiers acted like funding agency for CPM leaders, ED tells court

KOCHI: The ED said that Devi Financiers, owned by Satheesh Kumar, the main accused in the Karuvannur bank fraud case, was acting like a funding agency for CPM leaders. The ED team stated this in the special court opposing the bail plea of P Satheesh Kumar and CK Jills.

The ED told the court that CPM leader PR Aravindakshan had stated that former ministers EP Jayarajan, AC Moidheen, former MP PK Biju, Desabhimani daily and others had received money from Devi Financiers several times. Aravindakshan also stated that he went to meet EP Jayarajan twice along with Satheesh Kumar.

According to the ED, Satheesh Kumar had admitted during interrogation that he had paid money from Devi Financiers to Deshabhimani in October 2015 and January 2016 and this was corroborated in the statement of his chartered accountant.

Aravindakshan has stated that in 2016, Satheesh Kumar paid Rs 2 lakh as requested by AC Moidheen in his presence. It was also said that as requested by PK Biju, Rs 5 lakh was paid from Satheesh's brother's account.

Aravindakshan and Satheesh Kumar took Rs 77 lakh from a non-resident businessman when they visited Dubai. The ED stated in the court that it is not clear to whom this amount in Aravindakshan's account was transferred. Satheesh Kumar says that the same businessman invested 4 crores twice in Devi Financiers. The businessman said that the amount was not invested. The court will consider the bail pleas on November 27.