Directorate of Enforcement (ED) sleuths on Monday conducted raids at Ayyanthole and Thrissur Service Cooperative banks in connection with the investigation into the multi-crore loan scam of the Karuvannur Service Cooperative bank. The ED raid was conducted with stringent security.
According to the ED reports, Satheesh Kumar, key accused in the Karuvannur loan scam, laundered money through other cooperative banks too. It is reported that he deposited unaccounted-for money worth ₹40 crore in the Ayyanthole Service Cooperative Bank. The ED has frozen his accounts in the bank.
The raid at the Thrissur Service Cooperative Bank was reportedly held in the presence of CPI(M) leader M.K. Kannan who is its president. He is also the vice-president of the Kerala Bank.
