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Sunday, Jun 8, 2025
Bhasurangan's son, wife, two daughters, and one son-in-law took illegal loans and diverted the money to his bank account.
According to the Directorate of Enforcement, CPM often directed the bank's board of directors to sanction illegal loans to ineligible people and then pocketed the commission.
Shibila's modus operandi, according to the police, is to deceive money from people by offering a bank loan.
The woman received a message on her phone saying she was sanctioned Rs 2 lakh as a loan.
ED said the accused is suspected of having invested the money in construction, media, chemical, and IT companies.
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.
He also testified that CPM state committee member A C Moideen and former MP P K Biju received lakhs of rupees from Satheesh Kumar.
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.
The Directorate of Enforcement (ED), investigating the Karuvannur bank scam, has approached the special court with a request to allow it to furnish electronic copies of the voluminous charge sheet to the 55 accused and not to insist on printed copies.
ED officials summoned AKhiljith while interrogating Bhasurangan, who is the former president of the cooperative bank.
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