KOCHI: The ED told the court that the accused who were arrested yesterday in connection with the Karuvannur bank fraud have connections with high-ranking people. The agency also told the court that information about the others involved in the case and the real beneficiaries of the stolen money should be obtained from the arrested people. The ED clarified this yesterday when P Sathish Kumar (56) and PP Kiran (33), who were arrested on Monday, were produced in the Ernakulam Special Court, which is hearing cases under the Prevention of Money Laundering Act. The court sent both the accused in the custody of ED till Friday 4 pm for further questioning.

According to the ED report, Kodungallur native Kiran was given membership in the Karuvannur Service Cooperative Bank in violation of the condition that persons living outside the operational limits of the cooperative society should not be given membership. A loan of Rs 24.56 crore was given to him on behalf of him and 51 other members. Loans were granted without adequate collateral and proper checks. The amount went into the accounts of various individuals and Kiran's business entities.