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

Congress activists protesting in front of Karuvannur Cooperative Bank. FILE PHOTO: Manorama

Kochi: The Enforcement Directorate (ED) is considering launching a money laundering probe after it unearthed evidence in this regard. Sources said the central agency seized documents following the recent raids at the residences of the accused in the multi-crore scam at the Karuvannur Cooperative Bank at Irinjalakuda in Trichur district. 

ED has sufficient evidence to initiate a probe under the Prevention of Money Laundering Act (PMLA), sources said.

ED seized the documents during 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 criticised the ED's delayed inspection.

They said the delayed probe would not be successful as it has given sufficient time to the accused to destroy incriminating documents. However, sources close to ED said the delay would not hinder the probe into economic offences.

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