A petition has been filed in the Kerala High Court seeking a probe by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) into the loan scam in the Karuvannur Service Cooperative Bank at Irinjalakuda in Thrissur district.
In his petition, Suresh M.V. from Thrissur alleged that around ₹300 crore had been siphoned off from various accounts maintained at the bank at the behest of the managing committee.
The money deposited by the common man had been diverted to many sources. This amount had been utilised for illegal trade and other anti-national activities.
RBI circular
The petitioner said the siphoned money had been utilised for purchasing land near Perinjanam where conventions of banned outfits were held. It was suspected that money was used for terror activities. Therefore, the matter required an in-depth probe. In fact, as per a RBI circular issued in 2009, if crores of rupees were siphoned off from a bank, the CBI should be entrusted with the investigation.
The petitioner added that the bank was managed by a committee owing allegiance to the CPI(M). The police investigation was being sabotaged by pressure from the ruling front. An investigation by the police or the Crime Branch would not be fair.
