THIRUVANANTHAPURAM: As the Karuvannur Co-operative Bank fraud case has reached a level where the top leaders of the party are under suspicion, the government and the CPM are trying to save face by returning the investors' money in any way possible. The position is that an urgent solution should be found in the Co-operative Bank fraud case to avoid a setback in the Lok Sabha elections.

The government is trying to cool the investors by making a package through the Cooperative Reconstruction Fund. A meeting of cooperative sector experts and officials related to Karuvannur Bank will be held in Kochi on October 3 under the leadership of cooperative minister VN Vasavan. An online meeting of all the people who work in the field of cooperation of the state will be held on the 4th.

ED will not let go even if the deposit is returned

ED is keeping an eye on top leaders of CPM for fraud and black money transactions. Following the arrest of CPM local leader PR Aravindakshan, CPM suspects that there is a move to implicate state committee members MK Kannan and AC Moideen. There is also a strong murmur in the CPM that ED was given a chance because of the mishandling of the Karuvannur issue. League leader PK Kunhalikutty's response that although the Karuvannur fraud cannot be justified, the ED investigation will weaken the cooperative sector, became a relief to CPM at this stage.

Active discussion at AKG Center

1. After meeting the Chief Minister in Thrissur, MK Kannan, who is also the State Vice President of Kerala Bank, reached Thiruvananthapuram yesterday and held discussions with CPM State Secretary MV Govindan and Kerala Bank Chairman Gopi Kottamurikkal. The meeting was held at AKG Center. There was also a meeting of party members of the Kerala Bank Board of Directors.
2. The cooperative sector in Kerala has an investment of around two lakh crores. Ways to prevent the Karuvannur case from affecting the entire cooperative sector were mainly discussed.
3. House visits will be conducted across the state under the auspices of the State Primary Cooperative Societies Association to clear the worries and confusion among the people. Accepting further investment will establish that credibility has not been lost.

LDF convener EP Jayarajan responded to the media yesterday that there was a fallout in Karuvannur and the problem should have been resolved earlier. This amounted to refuting the arguments raised by the party secretary and the chief minister. However, last day's revelation by Sathish's driver that EP Jayarajan is closely related to Sathish, the main accused in the fraud case, also put him on the defensive. Jayarajan also lodged a complaint with the state police chief against driver Biju.