ED arrests 2 in Rs 150 crore Karuvannur Co-operative Bank scam – Dainik Savera Times

New Delhi: The Enforcement Directorate (ED) has arrested CPI(M) leader P.R. Arvindakshan and former bank accountant C.K. Jilse has been arrested. A case has been registered under the provisions of the Prevention of Money Laundering Act (PMLA) in connection with the Rs 150 crore Karuvannur Sarvasi Co-operative Society Bank scam, an official said. The ED initiated the PMLA probe on the basis of an FIR lodged at Irinjalakuda police station in Thrissur, Kerala, alleging fraud of over Rs 150 crore by bank officials with the help of private persons.

After the search operation conducted by ED, it was revealed that P.Satish Kumar had earned crime proceeds of Rs 50 lakh through fixed deposits in the name of Arvindakshan. Huge transactions have been found in Arvindakshan’s bank account, which were not revealed during investigation. During investigation under PMLA, it was revealed that Jilse had taken loans in the name of his family members and several others, the total outstanding amount of which is Rs 5.06 crore.

The accused pair were produced before the designated PMLA Special Court, Ernakulam, Kerala. The designated court has granted two days’ ED custody of the arrested persons. Earlier in this case, ED had seized assets worth Rs 30 crore, which included a resort built with the proceeds of crime in Thekkady, Kerala. Further investigation into the matter is ongoing.

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