The Enforcement Directorate (ED) is gearing up to submit its initial prosecution complaint, also known as a charge sheet, in the money laundering case involving the Karuvannur Service Cooperative Bank. This crucial document is scheduled for submission at the PMLA (Prevention of Money Laundering Act) court in Kochi during the upcoming week. This move is intended to prevent the accused individuals, Satheeshkumar P and Kiran P P, from securing statutory bail should the chargesheet not be filed within 60 days from their arrest.
Satheeshkumar, a money lender in Thrissur, and Kiran, a businessman, were detained by the ED on September 4. As the 60-day period for concluding the investigation is set to expire in the early part of November, the ED has decided to file the chargesheet within this timeframe. Additionally, the ED plans to include CPM leader P R Aravindakshan and the former accountant of the Karuvannur bank in the complaint, despite their arrests taking place on September 26.
According to ED investigators, they have amassed substantial evidence against Satheeshkumar and Kiran, supported by statements from around 60 witnesses who provided testimony against the arrested individuals. An ED source indicated that the submission of the first chargesheet signifies the completion of the initial phase of the investigation, with the next phase focusing on individuals who aided the accused and those who directly or indirectly benefited from the fraudulent activities.
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