As part of an ongoing investigation into the Karuvannur Service Cooperative Bank “scam,” the Enforcement Directorate (ED) has attached assets worth Rs 73 lakh, including a land parcel in Kerala and bank deposits allegedly belonging to the CPI(M). Official sources reported on Saturday that a provisional order under the Prevention of Money Laundering Act (PMLA) has been issued. The attached assets consist of a land parcel valued at Rs 10 lakh in Thrissur district and Rs 63 lakh in deposits held in five undisclosed bank accounts of the party.
The CPI(M) has rejected the ED’s allegations, vowing to legally and politically challenge any attempts to implicate it in the multi-crore bank scam. Party state secretary M. V. Govindan accused the ED of targeting opposition parties for political reasons and claimed the agency had failed to gather concrete evidence against the party. The ED’s case is based on statements from accused individuals who alleged the irregularities were orchestrated by CPI(M) Thrissur district committee leaders.
The money laundering investigation stems from 16 FIRs filed by the Kerala Police’s Crime Branch in Thrissur, dating back to 2010. The alleged fraud involves the CPIM-controlled bank, with accusations that loans were disbursed to non-members using the properties of poor members without their knowledge. The ED claims that these bogus loans were sanctioned multiple times against the same properties, with the proceeds laundered for the benefit of the accused.
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