KOCHI: The Enforcement Directorate (ED) probing the Karuvannur Service Co-operative Bank money-laundering case found that bogus loans were sanctioned at the behest of CPM Thrissur District Committee. The investigation also found that five cents of land purchased for the construction of CPM office at Porathissery was from proceeds of crime linked to Karuvannur bank. These included five cents of land purchased in Porathissery in the name of CPM district secretary M M Varghese, two fixed deposit accounts of the district committee, a bank account of Irinjalakuda area committee and five bogus accounts maintained by the party in Karuvannur bank. In return, the Thrissur CPM District Committee collected money in the form of donations and salary cut from the beneficiaries and society committee members into their undisclosed and illegally opened bank accounts in the same of the society. These funds were utilised for purchase of a land for Rs 10 lakh by the secretary, Thrissur CPM District Committee for construction of the party office which has now been attached as proceeds of crime,” ED stated in a press release.

Source: Indian Express June 30, 2024 02:26 UTC