ED unearths proof of money laundering in scam-hit Karuvannur Co-op Bank

Kochi: The Enforcement Directorate is considering a money laundering probe too after unearthing evidence in this regard after the recent raids at the residences of the accused in the multi-crore scam at the Karuvannur Cooperative Bank at Irinjalakuda in Trichur district. 

The central agency has got sufficient evidence to initiate a probe under the Prevention of Money Laundering Act (PMLA). The documents seized in the inspections at the houses of the accused in the case and also in the bank’s main office point to money laundering.

The documents were seized in the inspections conducted at the houses of former secretary of the bank P R Sunil Kumar, former head office manager Biju Karim, former accountant C KJils, Rubco-Bank commission agent A K Bijoy, former board president K K Divakaran and the bank office.

Duped depositors flay belated raids 

Meanwhile, the depositors who lost money in the scam had criticized the delayed inspection of the ED long after the fraud was unearthed.

They said the inspection being conducted after giving sufficient time to the accused to destroy documents would not be successful. However, the ED’s stand is that delayed investigation will not hinder probe into economic offences.