New Delhi: The Enforcement Directorate (ED) has intensified its investigation into the CPI(M)’s involvement in the alleged fraud at Karuvannur Cooperative Bank. Secret accounts belonging to the CPI(M) have been uncovered, with details handed over to the Election Commission. These accounts, opened in violation of Co-operative Bank regulations, have now been disclosed to the Union Finance Ministry and the Reserve Bank of India (RBI).
The funds from these secret accounts were allegedly utilized for benami loans, as per ED’s findings. It has been revealed that the five accounts opened by the CPI(M) in Karuvannur Bank were primarily used for purchasing land for the party office and gathering party funds and levies. The ED is currently probing the fraud amounting to Rs 150 crores in this case.
Moreover, it has come to light that the CPI(M) maintains 25 accounts across various banks in Thrissur district under the guise of 17 area committees. However, as of the balance sheet dated March 21, 2023, the details of these accounts have not been disclosed. Financial irregularities, including unauthorized loans issued in the names of common people, without their consent, allegedly under the directives of party leaders, have been identified. The ED specifically noted that many such benami loans were sanctioned upon directives from former minister and CPI(M) MLA AC Moideen.
This incident is indicative of a broader trend, with similar fraudulent activities occurring across several cooperative societies in Kerala. Assets worth Rs 87 crores have already been seized as part of the ongoing investigation, with four individuals arrested thus far. Following these developments, the Income Tax Department has also initiated its own probe into the matter.
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