26 September,2023 06:22 PM IST | New Delhi | PTI
Representational Pic/File
The Enforcement Directorate has arrested PR Arivandakshan, a CPM Municipal Councillor from Kerala's Wadakkanchery, in connection with the Karuvannur co-operative bank fraud case, officials said Tuesday.
The agency has also arrested a former employee of the bank, CK Jills, who allegedly siphoned off Rs 5 crore bank funds, they said.
Arivandakshan's arrest is the first of a political person in the alleged scam in which several political functionaries of the CPM are under scanner, they said.
The probe in the alleged fraud, beginning in 2010, in the Thrissur-based bank stems from 16 FIRs registered by the Kerala Police (crime branch) in Thrissur.
ALSO READ
ED takes possession of flat linked to Iqbal Kaskar in money laundering probe
"I was never involved in pornography," says Raj Kundra after 3 years of silence
Pornography case: ED questions actress Gehana Vashisht for third time
ED conducts search operations in multiple cities regarding Summaya-Dentsu case
Pornography case: ED quizzes actress Gehana Vashisht for second day
The ED has said its probe found that "on the instructions of certain persons, who were district-level leaders and committee members of certain political party and governed the bank, loans were disbursed by the bank manager through the agent in cash to non-member benamis by mortgaging properties of poor members without their knowledge and laundered to the benefit of the accused".
"Many such benami loans were disbursed on the instructions of A C Moideen," it had alleged in a statement issued on August 23, a day after the raids were conducted.
Moideen, 67, had told the press that the ED action was "pre-planned," adding he would cooperate in the investigation.
He is a former minister for cooperation and industries and currently represents the Kunnamkulam constituency in the state Assembly.
The ED had first carried out raids in this case in August last year at six locations, including a branch of the bank located in Irinjalakuda, Thrissur. It had attached assets worth Rs 30.70 crore of a commission agent of the bank, Bijoy A K.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
