ED names CPI(M) in Karuvannur bank fraud case

In its second set of final prosecution complaints before a Prevention of Money Laundering Act (PMLA) court in Kochi, the ED named former minister and current Alathur MP K RadhakrishnanRadhakrishnanRadhakrishnan, Kunnamkulam MLA AC Moideen and MM Varghese. All three of them were district secretaries of the party in Thrissur in different periods.

This final complaint named 28 more people, taking the total number of those arraigned to 83.

The money laundering probe stems from at least 16 FIRs registered by the Kerala police crime branch at Thrissur in July 2021 on charges of alleged financial irregularities in the CPI(M) controlled bank worth ₹150 crore.

The ED started investigating after complaints of illegal sanctioning of loans to non-members of the bank in cash without sufficient collaterals and mortgaging properties of borrowers without their knowledge purportedly at the behest of the CPI(M) district leadership in Thrissur.