Thrissur bank fraud case: ED conducts raid at Karuvannur Service Co-Op Bank

The Enforcement Directorate conducted raids at Karuvannur Service Co-Op Bank on 10 August and a few other locations of four accused in connection with an alleged bank fraud case in Thrissur.

As per reports, about ₹104 crores of alleged fraud reported in Karuvannur Service Co-Op Bank Ltd.

The ED officials also started simultaneous raids at the residences of five accused at the CPI-M controlled Thrissur-based Karuvannur Cooperative bank. Incidentally, of the five accused where the raids began, four are out on bail.

The CPI-M controlled Thrissur-based Karuvannur Cooperative bank came into limelight a year ago and has made frequent headlines.

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Earlier last week, the Kerala High Court directed the scam-tainted co-operative bank to stop all payments barring the emergency ones and asked the Pinarayi Vijayan government to prepare a roadmap aimed at paying back the depositors.

The bank informed the court that at present they have only ₹60 lakh in cash, while they have assets which can be sold and depositors can be paid.

The co-op bank also pointed out that of the total deposit of ₹284 crore, a sum of ₹142 crore has matured.

The Congress-led opposition has demanded a CBI probe into the bank fraud after it came to light that those who had good connections in the CPI-M were able to get back their deposits, while a majority of the hapless depositors were running from pillar to post to get back their money.

With IANS inputs.