Karuvannur Service Cooperative Bank scam: Kerala police takes four accused in custody

Thrissur/Thiruvananthapuram (Kerala) [India], July 26 (ANI): The crime branch team of Kerala police, that is probing the Karuvannur Service Cooperative Bank scam have taken four main accused in custody from Thrissur district on Sunday.

As per the crime branch, all four accused are former employees of the CPI(M) run Cooperative Bank, and identified as --former manager Biju Karim, former secretary of the bank Sunil Kumar; accountant CK Jilse and commission agent Bijoy were taken into custody from a flat at Ayyanthole in Thrissur.

The crime branch also raided the houses of all accused in the case, in various parts of Thrissur on Sunday.

Meanwhile, the Rs 100 core Karuvannur Service Cooperative Bank scam in which multiple loans of huge amounts were sanctioned against property pledged by customers without their knowledge has snowballed into a big political controversy.

The board of the bank has been dissolved. CPI(M) leaders including Kerala Chief Minister Pinarayi Vijayan have said that the party has nothing to do with the scam and claimed the culprits will be brought to book.

However, both BJP and Congress are demanding a probe by central investigation agencies alleging that the scam is just the "tip of the iceberg" and the actual fraud is worth Rs 300 crore.

Kerala Opposition leader VD Satheesan has alleged that CPI(M)'s Thrissur district and state committees were aware of the scam.

"They purposefully try to hide it and did not report to the police. This is one of the biggest scams reported in the state and CPI(M) is trying to protect the culprits. A thorough probe by central investigation agencies is required to unearth the truth," he said.

BJP state president K Surendran alleged that the actual amount of the Karuvannur Cooperative Bank scam is more than 300 crores.

"The CPI(M) party leaders are behind the scam especially former cooperative minister AC Moideen and party Secretary A Vijayaraghavan. The money was spent for election purposes too," he alleged adding that BJP will give representation to the Election Commission and Union Cooperative minister. (ANI)