Kochi: The Enforcement Directorate (ED) will submit its report on the Karuvannur Cooperative Bank scam. The ED has once again taken the statement of the complainant, MV Suresh. The findings have unearthed that Rs.125 crores has been swindle.
The complainant, MV Suresh, said that documents proving the irregularities have been handed over to the ED. He has also demanded a CBI investigation into the scam.
The ED registered a case and began investigation the Karuvannur Cooperative Bank scam in August 2021. There are five individuals on the accused list of the ED. These five individuals had also featured on the first accused list of the Crime Branch also.
The ED has found that Rs.300 crores worth of irregularities and Rs.125 crores worth of financial fraud. The investigation agency had also conducted raids at the bank and the houses of the accused.
The ED also questioned former Thrissur district secretariat member of CPI(M), CK Chandran. Before submitting its final report, the ED took the statement of MV Suresh.
The investigation of the Enforcement Directorate unearthed that the money collected by deceiving innocent investors were diverted into real estate and industrial projects. Some of the money was even channeled to foreign countries.
The money was transferred also as party fund. Many CPI(M) local leaders are involved in the Karuvannur Cooperative Bank scam.
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