The Enforcement Directorate (ED) has attached assets worth Rs 30.70 crore of Bijoy AK, the fee agent of Karuvannur Service Co-operative Bank Ltd, beneath the Prevention of Money Laundering Act in fraud and dishonest case.
The ED stated the attached assets embody 20 immovable properties consisting of land and constructing in Kerala, two premium automobiles, Rs 3,40,000 and international foreign money totaling Rs 2,08,124. The sleuths attached financial institution balances additionally in Bijoy’s 57 accounts worth Rs 35,86 990.
The enforcement company stated he illegally sanctioned and disbursed loans to the tune of Rs 26.60 crore in money with none collateral as a result of systematic conspiracy hatched and perpetuated by the secretary and committee members of the financial institution since 2010.
“The ED initiated a money laundering investigation on the basis of the FIRs registered by the Kerala police under section 420 of the IPC. Kerala police (Crime Branch) has registered more than 16 FIRs in Thrissur District regarding fraud in Karuvannur Service Co-Operative Bank Ltd,” ED stated in a launch.
The company stated the cash laundering investigation carried out to date has revealed that a number of bogus loans had been sanctioned by the financial institution on the identical property with out the data of members of Society.
It stated the mortgage quantities had been disbursed in money and likewise large money deposits had been discovered in the books of accounts of the financial institution.
The Karuvannur Service Co-Operative Bank was additionally beneath the scrutiny of the Registrar of Co-Operative Societies in Thiruvananthapuram.
After an FIR was registered in July 2021, the Registrar in their audit discovered diversion of greater than Rs 100 crore, the ED stated.
Earlier on August 10, ED carried out searches at six areas together with a department of the Cooperative Bank at irinjalakuda in Thrissur.
ED had carried out one other raid on August 25.
The agitated depositors are on a warpath in opposition to the administration of the ruling CPI(M)-controlled Karuvannur Cooperative Bank, situated at Irinjalakuda, demanding their invested a reimbursement.
After a short interval, the financial institution once more triggered an argument in July over the dying of a girl depositor, whose household had alleged that she was denied cash for superior remedy by the administration regardless of having lakhs of rupees as deposit in the scam-hit financial institution.
They additionally staged a protest sit-in in entrance of the financial institution with the lady’s corpse, which triggered a political row in the southern state as opposition events got here out in opposition to the ruling CPI(M) which controls the financial institution.
The mortgage rip-off was reported in the financial institution, situated in Thrissur district, in July 2021, following which a case was registered in opposition to six financial institution officers and an inquiry launched.
After a number of folks together with native prospects raised apprehensions in regards to the financial institution’s functioning, an audit was carried out there lately, in which the costs had been reportedly discovered to be true.
Following the allegations, the 13-member committee of the (*30*) party-ruled financial institution was disbanded.
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