KOCHI: PMLA Court in Kochi on Friday dismissed the bail petition of CPM leader and Wadakkancherry Municipality councillor P R Aravindakshan in the Karuvannur Service Cooperative Bank money-laundering case. The court also dismissed the bail plea of the bank’s former accountant C K Jilse. The court decided to rule out bail for the duo considering the Enforcement Directorate’s (ED) submission that the investigation against the accused people is still on.
Similarly, ED has not completed an investigation into the assets of Aravindakshan and Jilse generated as proceeds of crime from Karuvannur Bank. Similarly, the submission of the accused persons that they have no involvement in the case cannot be considered at this stage of the investigation. Both are likely to approach the Kerala High Court seeking bail now. Aravindakshan and Jilse are the third and fourth accused in the case.
ED maintains that Aravindakshan helped prime accused Satheeshkumar P to layer the proceeds of the crime. Also, Satheeshkumar invested Rs 50 lakh in Aravindakshan’s bank account. On the other hand, charges against Jilse are for diverting funds from Karuvannur Bank by taking loans in the name of other persons.