Karuvannur bank fraud: Properties of all accused to be confiscated, action to allay concerns of investors

THRISSUR: The Kerala Bank will intervene to repay the depositors of Karuvannur Bank. M K Kannan, vice chairman, said investors need not worry and a request seeking financial help of Rs 100 crore is under the consideration of the Kerala Bank.

Kannan said it will take five years to resolve the crisis. He said the Kerala Bank should recommend remedial measures such as confiscating the assets of the accused to recover the lost amount and taking steps to expedite the repayment of the loan.

Meantime, CPM district committee will meet today to discuss the action against the accused. The crime branch had yesterday taken into custody four accused in the case.

Former secretary of the bank and CPM Karuvannur local committee member T R Sunil Kumar, former manager and Porathissery local committee member Biju Kareem, senior accountant and Thoduparambu branch member C K Jiles and commission agent A K Bijoy were those taken into custody.