Karuvannur scam: ED expedites process to confiscate more assets

KOCHI: The Enforcement Directorate (ED) has expedited the process to confiscate more assets, including those in the benami name of the accused, to return the money to the defrauded investors in the Karuvannur Co-operative Bank. There are 54 accused including institutions in the preliminary charge sheet filed in the special court in Kochi. Rs 16 crore worth of properties and investments have been confiscated so far.

Details about the properties purchased under benami names and using fraudulently obtained loans are being collected. It has also been found that the land properties bought with fraudulent money have been sold. The move is to confiscate all the properties including these. The process will be expedited in the coming days. Through this, an attempt is made to return the maximum investment amount.

The ED had expedited the process after Prime Minister Narendra Modi spoke at an election rally in Thrissur that steps would be taken to return the money to investors in Karuvannur. The ED had on April 15 informed the special court dealing with the Prevention of Money Laundering Act (PMLA) that there was no legal bar to return the deposits.

Time till May 17 for counter petition

The PMLA court also initiated proceedings to return the deposit. As part of this, the accused have been given time till May 17 to file a stay petition against the temporary confiscation proceedings. Copies of the documents submitted by the investors have also been provided to the accused. People including Mahadevan, a resident of Karuvannur, had approached the court demanding that the investment money be allowed from the confiscated properties.