By our Legal Correspondent
Kochi, Nov 02 (IVC) The Enforcement Directorate (ED) here today submitted a charge of 12,000 pages against 55 persons including the governing body members of the Bank and CPM leaders, before the court.
Among the accused 55, Sateesh kumar was marked the 13 the accused and he CPM councilor P R Aravindhakshan and the first accused as the agent Bijoy of the Kannur based Rubco Industrial Co-operative Society, governed by the CPM for long .
Started as an agricultural Society, in 1921 at Karuvannur, Porathur village in Thrissur District , Karuvannur Service Co-operative Bank has been led by the CPM for the last four decades.
The bank which was once among the most profitable co-operative banks , now has a depositor base of 23,648 persons with deposit of Rs 282 crore. The bank had a Rs 500 crore before the break out of scam in 2021. Bank’s current loan outgo is Rs 514 crore, the bank sources said.
Assistant Director of the ED, S G Kavikkar said that this was first phase of the investigation and detailed inquiry was needed to expose the full extent of scam. Now it has been detected the extent of the scam to the tune of Rs 90 crore only . With the finalization of investigation the amount involved in the scam would be a larger one, he expressed the hope. Perhaps , the charge sheet of 12,000 pages would be largest one in the judicial history of the country. It was brought to the court in six big boxes, ED Sources said. IVC Ckg Kci