KOCHI: The Directorate of Execution (ED) registered a complaint against six people associated with the Karuvannur cooperative bank managed by the CPM in Thrissur, where manipulation of funds of more than 300 crore was detected. The ED has registered the Enforcement Case Information Report (ECIR) under various sections of the Money Laundering Prevention Act (PMLA).
The case was registered against the former bank secretary TR Sunil Kumar, the former director Biju Kareem, Raji Anil Kumar, who was the accountant of the bank’s supermarket, the mediator Kiran, the commission agent of the bank Bijoy AK and senior accountant CK Giles. “We had conducted a preliminary investigation (PE) on the basis of the FIR recorded by the Kerala police and concluded that the case merited investigation under the PMLA. The section included in the Kerala Police FIR consists of underlying offenses which are under investigation by the ED, ”an official said.
The ED will summon the defendants for detailed questioning from next week. “We will begin to serve notices on the accused and witnesses, ordering them to appear for questioning. The Criminal Branch, after taking over the police investigation, has yet to arrest the defendants. Our team had visited the bank and seized certain documents as part of the preliminary investigation. We have also identified witnesses in the case, ”said an official.
However, Thrissur falls under the jurisdiction of the ED Kozhikode unit, given the gravity of the case, a team led by the joint director of the ED in Kochi will investigate the case. The ECIR will soon be submitted to the relevant jurisdiction.
The bank has been implicated in embezzlement by sanctioning new loans after pledging some people’s documents without their consent. In a loan of Rs 100 crore granted on behalf of 46 people, the total amount was credited to an account held by the accused Kiran. The bank – established in 1921 – has had administrative committees supported by the CPM for 40 years. Four bank employees, including the secretary, were suspended after Irinjalakuda police registered a case.