ED attaches assets worth ₹10.98 crore in Karuvannur case

The Kochi zonal office of the Enforcement Directorate (ED) has provisionally attached assets worth ₹10.98 crore of various individuals in the Karuvannur Service Cooperative Bank fraud case. The assets have been attached under the provisions of the Prevention of Money Laundering Act, 2002.

The attached assets include a movable property and 24 immovable properties consisting of land and buildings in Kerala. The agency has so far attached properties worth ₹128.72 crore, according to a communication from the investigation agency.

The ED case is that the accused had sanctioned loans from the bank through fraudulent means leading to a financial crisis in the bank. The bank, led by the CPI(M), had come under criticism after it failed to return the deposits of a large number of people. The agency had arrested a few accused in the case, including some local leaders of the CPI(M).