Kerala

CPM’s Secret Accounts Seized: Income Tax Department Takes Action

Unveiling Hidden Wealth: 5 Crore Deposit Account Frozen Amidst Lack of Disclosure

Thrissur: The Income Tax Department has frozen the Bank of CPM Thrissur District Committee. The IT Intervention at CPM Thrissur district committee is a setback amid the Lok Sabha elections.

An income tax investigation conducted yesterday found that the bank account was undeclared in the party’s income tax returns. The current balance in the account, which was opened in 1998, stands at five crores and ten lakhs. It also includes a one crore fixed deposit.

CPM District Secretary’s Withdrawal Raises Eyebrows

Furthermore, there are indications that the party’s secret accounts may also be subject to investigation. Notably, the CPM district secretary withdrew one crore from the account on April 2. The Income Tax Department has instructed that this money should not be spent and has sought clarification on the source of the funds.

In response, the CPM’s Thrissur district secretary asserted that there is nothing to hide. The party has a legitimate account with the Bank of India, and all bank transactions are carried out in accordance with the law. Additionally, he claimed that the officers did not threaten him during the interrogation.

ED’s Probe and Political Implications

Concurrently, the Income Tax Department has also sought information from CPM Thrissur District Secretary MM Varghese. The ED had previously questioned him about the Karuvannur Bank case.

Moreover, ED’s questioning of the CPM’s secret accounts led the Income Tax Department also to visit two nationalized banks in Thrissur to investigate the withdrawal of CPM funds.

ED’s probe is focused on accounts controlled by the CPM in various cooperative banks and nationalized banks in Thrissur. Additionally, PK Biju has been summoned to appear on Monday.

In conclusion, the Income Tax Department’s intervention has undoubtedly posed a significant challenge for the CPM in the Thrissur district, particularly as it coincides with the ongoing Lok Sabha elections.

Rohit Sharma

Rohit Sharma is a seasoned Political Journalist with a deep passion for Indian Politics. With over a decade of experience in the field, he has established himself as a trusted… More »

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