Income tax department's inspection on sub-components of CPM; 25 undisclosed accounts in various banks

THRISSUR: As the ED probe extends to CPM's subordinates in the Karuvannur Service Co-operative Bank scam case, the income tax department will look into the transactions. This is based on information that more local and branch committees in the district have received the money extorted from Karuvannur.

The ED had asked district secretary MM Varghese to produce information about the party's assets in the district. Investigations focused on area committees have revealed that there are 25 undisclosed accounts in various banks. It is also reported that the CPM withdrew Rs 1 crore in cash from the public sector bank where the district committee has an account.

The money was withdrawn by providing detailed information the day after the election was announced. Thrissur District Committee's account at the MG Road branch of Bank of India was frozen by the Income Tax Department. One crore was withdrawn through this account.

It is learned that the Income Tax Department is moving to check the financial transactions of the CPM district committee for 10 years. Public sector banks with direct accounts of the party and co-operative banks run by the party will be under investigation. The Income Tax department conducted the inspection and froze the accounts after the ED inspection. However, measures involving the confiscation of money cannot easily be resorted to. Everything should be transparent as it is monitored by top officials. The CPM is facing a crisis of not being able to withdraw funds temporarily, which is a setback during the elections.