Karuvannur Cooperative Bank Scam: CPI(M) under scrutiny as ED finds out undisclosed accounts with deposits worth crores of rupees
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Home News Kerala

Karuvannur Cooperative Bank Scam: CPI(M) under scrutiny as ED finds out undisclosed accounts with deposits worth crores of rupees

by Janam Web Desk
Jan 16, 2024, 04:17 pm IST
in Kerala

Thrissur: The Enforcement Directorate (ED) has expanded its investigation into the CPI(M) after discovering undisclosed accounts in Karuvannur. The focus of the probe is now set to include examination of the party’s property details. The ED revealed that the CPI(M) possessed assets and income that were not disclosed by either state or central leadership.

The investigation exposed a complex web of financial malpractices, with the CPI(M) leaders identified as the masterminds behind the frauds in Karuvannur. From local leaders to senior CPI(M) officials, a network of undisclosed accounts involving 17 area committees and local committees in Karuvannur came to light. The transactions, amounting to crores of rupees, were conducted by deliberately violating cooperative rules.

According to ED findings an account created in 2011 in the name of  Party Building Fund for the construction of the party office and another account in the name of former secretary of the Karuvannur local committee, A R Peethambaran, linked to the Bank Board election. The ED alleges that the CPI(M) leadership deliberately concealed information about these accounts.

The ED’s findings disclosed that the CPI(M) maintained 25 undisclosed accounts in the name of area committees, with a total balance of Rs 1.73 crore and fixed deposits of Rs 63.98 lakh as of November 30, 2023, within cooperative societies. The estimated transactions through these accounts exceed Rs 100 crore. Notably, the audited balance sheet submitted by the CPI(M) Thrissur district committee secretary, M M Varghese, as of March 31, 2023, only reflects four bank accounts and four fixed deposits. The ED’s crucial findings are expected to be presented to the Election Commission in the coming days.

Tags: FEATUREDCPI(M)Karuvannur Cooperative Bank scamEnforcement Directorate (ED)Undisclosed bank accountsElection Commission of India (ECI)Thrissur district committeeM M Varghese
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