Kerala Kaumudi Online
Sunday, 24 October 2021 5.14 AM IST

ED registers case against six persons in Karuvannur bank fraud


THRISSUR: The Enforcement Directorate (ED) has now registered a case on the massive fraud that surfaced last month at the local CPI-M controlled Thrissur Karavanoor Cooperative Bank. The ED officials found that black money and benami transactions worth Rs 200 crore took place under the guise of loan at bank.

The fraud that was detected according to State Cooperative Minister V.N. Vasavan, also a top CPI-M leader, is to the tune of over Rs 104.37 crore and the state government has already launched a Crime Branch probe into it and has arraigned six people as accused in their first information report that has already been filed.

However, so far even though six former officials attached to the bank have been arraigned as accused, the police are yet to nab them and have now issued a look out notice.

The ED also has charged the same six as the accused and has begun its probe into the utilisation of the money as reports have surfaced that they have invested a huge portion of this money at a resort in Thekkady.

But what's baffling is even after the case surfaced about three weeks ago, the police are yet to nab any of them and that has raised eyebrows as the Congress led Opposition and the BJP have alleged that, the higher ups in the party are shielding the accused.

Meanwhile on Saturday, a voice clip emerged which revealed that the CPI-M was aware of the scam contrary to the claim that they had no idea of it.

The scam surfaced after the local Cooperative officials conducted an inspection.

The inspection was carried out after locals gave a complaint that things are not ok in the bank.

Following the inspection by the Cooperative Inspectors, the complaint was found to be true and it surfaced that loan money given on various property documents was credited to a few accounts, while some had no clue that loans were being sanctioned based on their property documents.

This CPI-M controlled bank has a 13-member committee and that has been disbanded after the Cooperative Inspectors found out the loan fiasco and six bank officials, presently on the run, have all been suspended.

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