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The bank has to pay Rs 173 crore to its depositors. It also has an outstanding loan payment of Rs 69 crore.
Opposing the bail petition, the ED brought to the court’s attention the high-level connections of Satheesh Kumar, who is currently in judicial custody.
Joins Pazhayidom murder case accused Arun Sasi who was sentenced to death in March 2023.
The fraud came to light when a farmer in Pulpally, Rajendran Nair (60), committed suicide on May 30 after the bank authorities ‘repeatedly neglected’ his complaints regarding the fraud.
ED officials summoned AKhiljith while interrogating Bhasurangan, who is the former president of the cooperative bank.
The multi-crore loan scam at the bank in Wayanad came to light in May after a farmer committed suicide.
The Directorate of Enforcement (ED) raid at Bhasarungan's residence completed 24 hours on Thursday.
The ED checked the bank documents including several loan transactions.
It was while working at a hospital in the UAE that Shabna had a sudden desire to be a mahout. She soon quit her job.
With this all the ten accused in connection with the fraud received bail.