Karavannur Bank fraud: ED raids find Rs 500 crore black money transactions; Check details

Kerala: The Enforcement Directorate (ED) has ended the raid in connection with the Karavannur Cooperative Bank fraud case on Tuesday morning. The inspection was conducted at eight places, including Thrissur Cooperative Bank and Ayyanthole Cooperative Bank.

As per reports, the ED has collected evidence against people who carried out black money transactions of Rs 500 crore through the accounts of the key accused Satheesh Kumar. Sources said that Satheesh was only a proxy, and money came to his account from different sources. Satheesh deposited these assets as cash in different accounts at other banks. He helped people turn bad money into white money through cooperative bank accounts. It was found that Satheesh Kumar deposited the black money through four accounts held in this bank in the name of his relatives. These accounts were earlier frozen by the ED. The ED has verified how transactions of Rs 50,000 were made more than 25 times in a single day.

Ayanthol Bank President N. Ravindranathan said that ED has fully verified the account details of Satheesh Kumar. The ED team returned in the morning after completing the inspection that started yesterday at Ayanthol Bank.

Meanwhile, CPM state committee member AC Moideen was expected to appear for questioning today in the Karuvannur Cooperative Bank fraud case. As per reports, Moideen is unlikely to make an appearance before the Enforcement Directorate (ED) on Tuesday. His legal counsel has advised him to pursue anticipatory bail. Previously, he had participated in the initial round of questioning. During this session, the ED had asked to submit documents related to his investments, and the agency had subsequently frozen certain assets. Moideen stated that he has to attend the legislative assembly's social class so that he will not be available until today or tomorrow. ED will soon issue a notice regarding this matter.

Relatives said that AC Moideen had left home last night. It was thought that he would appear before the ED after meeting with the lawyers in Kochi. However, he will refrain from appearing in the ED office for further interrogation.