ED uncovers CPM’s role in bogus loans linked to Karuvannur bank scandal

KOCHI: The Enforcement Directorate (ED) probing the Karuvannur Service Co-operative Bank money-laundering case found that bogus loans were sanctioned at the behest of CPM Thrissur District Committee. The investigation also found that five cents of land purchased for the construction of CPM office at Porathissery was from proceeds of crime linked to Karuvannur bank.

ED had attached 18 movable and immovable assets to the tune of Rs 29.29 crore on Friday. These included five cents of land purchased in Porathissery in the name of CPM district secretary M M Varghese, two fixed deposit accounts of the district committee, a bank account of Irinjalakuda area committee and five bogus accounts maintained by the party in Karuvannur bank.