KOCHI: The Enforcement Directorate (ED) probing the Karuvannur Bank scam has found that CPM leader and Wadakkancherry municipality councillor P R Aravindakshan helped prime accused Satheeshkumar in layering ‘proceeds of crime’. This was stated in the report filed by ED at the PMLA Court in Kochi seeking his custody for two days on Saturday.
“It was revealed during the investigation that Aravindakshan had layered the ‘proceeds of crime’ to the tune of over Rs 50 lakh. The probe also revealed that Satheeshkumar had invested the proceeds of crime in various benami businesses and properties through Aravindakshan.,” stated the report.
ED in its report submitted that Peringandur Service Cooperative Bank has shared the details of transactions to the tune of Rs 63 lakh in the bank account held by Aravindakshan’s mother Chandramathi. The report states that though Aravindakshan knew about the proceeds of crime amassed by Satheeshkumar through bogus loans from Karuvannur Bank, he refused to divulge the details of its utilisation, parking and concealment. He is yet to present IT returns and his income sources to the probe team.
In the interrogation, Aravindakshan disclosed details of only one property, which is in his mother’s name, and one bank account with SBI. However, ED found that Aravindakshan maintained accounts with Karuvannur Bank, Peringadur Bank and Dhanlakshmi Bank.
During the raid at the residence of Satheeshkumar, ED recovered a mobile phone. During the examination of data extracted from the phone, several incriminating call records between Satheeshkumar and Aravindakshan were found.
The ED probe also found that, of the Rs 14 crore received by Satheeshkumar via Kiran P P, another accused, through bogus loans, a part of the amount was sent to Aravindakshan. “It was found that the proceeds of crime were transferred to Satheeshkumar, and an amount of Rs 50 lakh was layered and deposited as a fixed deposit in the name of Aravindakshan. He knowingly assisted Satheeshkumar in layering the proceeds of crime,” stated the report.