OPEN APP
Home / News / India /  Thrissur bank fraud case: ED conducts raid at Karuvannur Service Co-Op Bank
Listen to this article

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.

ALSO READ: Govt shares data on online banking fraud and how many cases solved

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. 

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout