Software in local languages would be developed to computerise the functioning of cooperative societies, besides linking them with District Cooperative Bank and NABARD.
The audit report by the Cooperative Department had found that serious irregularities were committed by these district cooperative banks.
Governing body president KK Divakaran, members C Jose and Lalithan are among the arrested.
CPI(M)-backed MLA K T Jaleel had demanded an ED probe into the alleged money laundering in a cooperative bank controlled by the Indian Union Muslim League (IUML) in Malappuram district.
The loan was taken over by another bank in the adjoining area, also governed by the CPM.
The loan was given to the duo by flouting cooperative rule and regulations by the then CPM-led director board of the bank.
KT Jaleel had claimed the other day it is at this very same bank Muslim League leader PK Kunhalikutty has benami deposits.
PK Kunhalikutty's nemesis KT Jaleel has come out with a fresh set of allegations as he continues his crusade on the IUML strongman.
Key accused T R Sunil Kumar has stood firm on his stance that the CPM-led former governing body was fully responsible for the fraud.
In the clip, the discussions held during a meeting of the Madayikonam branch committee of the CPM held on December 8, 2018 may be heard.