KOCHI: The Kerala High Court on Monday directed the state government to inform it of the present status of the investigation being carried out by the crime branch into the alleged misappropriation of funds from the Karuvannur Service Cooperative Bank.
The court issued the order on a petition filed by M V Suresh, a former employee of the bank, seeking a CBI probe in the scam. According to him, `300 crore was siphoned off from various accounts at the bank in collusion with the managing committee controlled by CPM. Loans were sanctioned on property pledged by local customers without their knowledge. The money deposited by the common people had also been diverted to many known and unknown sources, the plea said.