Crime India Kerala law Politics

Enforcement Directorate submits 12,000-page charge against 55 persons in connection with Karuvannur  Service Co-op bank scam

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

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