Unveiling the Karuvannur Cooperative Bank Scandal: Minister P. Rajeev and CPM Leaders Under Scrutiny for Alleged Fraud

Recent ED Disclosures Expose Illicit Loans, Black Money Transactions, and Systematic Extortion within Karuvannur Cooperative Bank

Kochi: The Enforcement Directorate (ED) has made a crucial disclosure in the High Court against Minister P. Rajeev in the Karuvannur Cooperative Bank fraud case. In an affidavit filed in the High Court, ED said there was pressure from Minister Rajeev to grant illegal loans. ED said that Sunil Kumar, the former secretary of the bank, had given a statement that the CPM leaders had pressured them for illegal loans, as stated in the affidavit.

It is said that Rajeev exerted pressure when he was CPM Ernakulam district secretary. There are also references against CPM leaders AC Moiteen and Paloli Mohammad Kutty. A petition was filed in the High Court stating that the person involved in the Karuvannur Cooperative Bank fraud case had frozen the bank account. In this petition, the High Court sought an explanation from the ED. The affidavit submitted is based on this ED against P. Rajeev and others. Serious allegations were made.

There was great pressure to sanction illegal loans. The pressure has come from the CPM’s local and district leaders. P. Rajeev’s name is in this group. ED said illegal loans were sanctioned as a result of pressure from P. Rajeev and A.C. Moiteen.

Several secret accounts were created in Karuvannur in the name of various CPM areas and local committees. Fraud was even done in the name of party building fund account, area conference souvenir account, party fund and election fund. ED’s affidavit also states that CPM deposited money through secret accounts.

The investigation found that CPM was involved in extorting money invested by the public through illegal loans in Karuvannur, ED said. The affidavit says. There was a deep conspiracy to extort money and benefit the party.

Banks operated party committee accounts without membership. Such accounts were operated to raise funds for the purchase of land, construction of party offices, election expenses, and souvenirs. Investigating the cash flow through this. According to ED’s affidavit, top leaders of the party are involved in these transactions.

ED stated that a secret black money transaction of about one hundred crore rupees took place through 25 secret accounts of CPM in Karuvannur Bank. Informed by D. Anil Kumar large amount of property was also bought with this. ED announced the progress of the investigation while considering a private petition seeking the cancellation of the bank account freezing process related to Karuvannur Bank.

The entire operation of the bank is illegal. There is accuracy in everything, including black money transactions, fake loans, gold mortgages, and land collateral loans. All of this happened under the full supervision of the CPM local governing body controlled by the bank. According to the ED affidavit, many employees were made to look out for massive fraud by political leaders.

There were secret accounts in Karuvannoor Bank for transactions of crores of CPM. It was in the name of various areas and local committees. The Black Money transaction was done in the name of the Area Conference Souvenir Account and Building Fund.

A separate minute book was also maintained exclusively for the management of CPM accounts. 25 accounts belonging to 17 area committees were functioning in this way. Transactions worth a hundred crores of rupees were made through secret accounts. Land and property have been purchased with this money. Some accounts were later closed to avoid being caught by the Election Commission and other agencies. The report also states that assets and deposits in secret accounts have not been audited.

Sunil Kumar, who became an apologetic witness in the case, revealed the names of the leaders who intervened in sanctioning fake loans. The current minister, P Rajeev, was under pressure when he was CPM Ernakulam’s district secretary. Sunil Kumar’s statement contained the names of senior leaders, including AC Moteen, Paloli Muhammad Kutty, and district, area, and local committee leaders who exerted pressure. According to the ED affidavit, the CPM had assets and transactions through the bank that the Election Commission did not disclose.

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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