Karuvannur: Accused involved in money laundering, says ED

KOCHI: The Enforcement Directorate has opposed the bail plea of ​​accused PR Aravindakshan, P Satish Kumar and CK Jills in the Karuvannur Cooperative Bank fraud case in the High Court. Additional Solicitor General Laxman Sundaresan argued that the accused are directly and indirectly involved in money laundering of crores and this is a crime against the country. Justice CS Dias adjourned the case to 29 for the defence's reply.

ED's contention is that Satish Kumar, the middleman, diverted at least 25 crore rupees through illegal loans etc. through the main accused PP Kiran. Out of this, about 14 crores were handed over to the co-accused. Other defendants used it knowing it was illegal. There were attempts to establish that it was not black money and to hide the information. The ED pointed out that such activities are an offense under the Prevention of Money Laundering Act.

The accused contended that the finding of the ED, taking into account the statement of the co-accused, cannot be accepted. The court asked how these statements could be proved. The ED's counsel pointed out that bank account records, findings of the trial court, balance sheet of Devi Finance and income tax return related to the accused are all evidences. It was argued that the accused should not be granted bail.

Kandala case

The High Court adjourned the bail plea of ​​former president N Bhasurangan and his son JB Akhiljith in the Kandala Cooperative Bank fraud case to 29. Both are in jail in the ED case.