The Enforcement Directorate (ED) team, currently investigating money laundering charges related to the Rs 150 crore scam at the CPM-controlled Karuvannur Co-operative Bank, conducted a four-hour-long interrogation of M.K. Kannan, a member of the party’s state committee, on Friday. During the session, the ED team reported that Kannan, who had complained of discomfort during the interrogation, was uncooperative.
However, Kannan refuted these claims and stated that the interrogation proceeded smoothly, emphasizing his willingness to cooperate whenever the agency requires it. He addressed reporters, saying, “I don’t have any health issues as of now. Someone might have spread such news to cause worry to my family.”
Kannan, who serves as the State Vice-President of the Kerala Bank and as the president of the Thrissur Service Cooperative Bank, arrived at the ED office in the morning and was released after approximately four hours of questioning.
Previously, on September 25, Kannan had been interrogated by the agency for seven hours, during which he alleged that ED officials had subjected him to mental torture, with one Hindi-speaking deputy director being particularly threatening.
The ED’s probe into the Karuvannur bank scam has also led to the arrest of CPM leader and Wadakkanchery Municipal Councillor P.R. Aravindakshan on September 26. The CPM alleged that this arrest was a result of Aravindakshan’s complaint to the police, accusing ED officials of threats and assault.
The ED had previously arrested individuals Kiran P.P. and Satheesh Kumar P in connection with the alleged issuance of ‘benami’ loans from the Karuvannur bank. Additionally, on September 11, the ED had questioned CPM leader and MLA A.C. Moideen for over nine hours as part of its investigation.
The ED’s findings in this case revealed that loans were disbursed, often to non-members, through the mortgage of properties belonging to poor bank members without their knowledge. These loans were subsequently laundered to the benefit of the accused, with alleged involvement by A.C. Moideen, as stated in an ED statement issued on August 23.
This case of alleged fraud, which dates back to 2010 and involves the Thrissur-based Karuvannur Cooperative Bank, sparked a political controversy in Kerala two years ago. It is linked to 16 FIRs filed by the Kerala Police (Crime Branch) in Thrissur. Last year, the ED conducted similar raids at six locations, including a bank branch in Irinjalakuda, Thrissur, attaching assets worth Rs 30.70 crore of a commission agent named Bijoy A.K. Following the FIR registered by the Kerala Police in July 2021, an audit revealed that over Rs 100 crore had been diverted within the bank, as stated by the ED.
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