KOZHIKODE: The Enforcement Directorate (ED) has launched a preliminary probe into the Karuvannur Cooperative Society bank loan fraud. The ED’s sub-zonal office in Kozhikode launched the probe after the Rs 300-crore fraud involving its employees and local CPM leaders was detected. “The ED, Kozhikode, is conducting the inquiry and verifying details of the transactions,” an official said.
A probe by co-operative department assistant registrar unearthed several irregularities in the disbursing loans of Rs 50 lakh and above in the bank. The cooperation department joint registrar had dissolved the bank’s director board on Thursday.