Thrissur: The Enforcement Directorate (ED) has alleged the involvement of the CPI(M) in the Karuvannur Cooperative Bank fraud, stating that the party exercised control over the loans. The ED made this assertion in court during the presentation of the property seizure report, indicating that a parliamentary committee was formed by the party for managing the loans, with separate records kept for the disbursement of illegal funds. These revelations were disclosed by former manager Biju Karim during the ED’s investigation.
In connection with the Karuvannur Cooperative Bank fraud case, the ED has confiscated properties belonging to 35 individuals. Notably, 24 properties owned by the primary accused, Satish Kumar, have been seized, along with the freezing of 46 accounts held by Satish Kumar and his wife. Additionally, four accounts belonging to PR Aravindakshan have been subjected to seizure.
The ED has initiated a thorough examination of documents related to the scam, including an investigation into audit documents. Beyond Karuvannur, the cooperative society registrar has provided information about the auditing of several other cooperative banks. This contradicts the long-standing defence by the CPI(M), which maintained that the party had no involvement in the Cooperative Bank fraud. The ED’s report is a significant setback to the CPI(M)’s claims.
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