KOCHI: It is indicated that most of the benami properties confiscated by the Enforcement Directorate (ED) in the Karuvannur bank scam belong to political leaders involved in the scam. Most of the assets confiscated by the ED belonged to the main mastermind of the fraud, P Satish Kumar, the first accused, and his family members. There are 24 land properties in this. More than one crore rupees in 46 accounts in the names of Satish, his family members and benamis in various banks, including Karuvannur Bank, were confiscated.

The ED also confiscated four accounts of arrested Vadakanchery municipal councillor and CPM leader PR Aravindakshan in a nationalized bank and two co-operative banks. Transactions worth around one crore rupees had taken place through these accounts.

Benami investments in neighbouring states

The ED suspects that the confiscated properties and buildings in Karnataka and Tamil Nadu belong to the benamis of political leaders. The agency is seeking more details regarding these. It was the political leadership that connived to grant loans worth crores illegally. They bought land and other properties in other states through benamis by using the amount swindled in the name of loans.

Resort confiscated

The ED also confiscated the multi-crore resort built in Thekkad by AK Bijoy, who was the bank's commission agent, using the proceeds of fraud. The ED officials are also investigating any benami transactions of people associated with the bank had taken place in the resort.

No benefit for depositors

It is said that the depositors will not have any benefit from the ED confiscating 87.75 crores of assets. If the bank does not obtain a favourable order through legal proceedings regarding its claim to these properties, these assets will go to the central government. The owners can file an appeal against the confiscation of the goods before the tribunal in Delhi. If the tribunal rejects the appeal, the owners can approach the Supreme Court. If the Supreme Court rejects it, the assets will be permanently attached to the government. High Court lawyer CP Udayabhanu said that if the Supreme Court accepts the appeal, the property will be returned to the owner.