ED suspects loans from Karuvannur bank diverted for illegal lending business
KOCHI: The Enforcement Directorate (ED), which is probing the money laundering linked to the Karuvannur Service Cooperative Bank loan scam suspects that the prime accused diverted money from the bank to use it for his illegal money lending activities.
The agency also found that Satheeshkumar P of Kolazhy in Thrissur maintained close ties with district-level CPM leaders. Two of the leaders were questioned by the ED in Kochi on Thursday. The probe has found that Satheeshkumar was the main beneficiary of the loans granted to co-accused Kiran P P of Perinjanam in Thrissur. The bank granted Kiran 51 loans in total, some of them issued in his name, totalling Rs 24.56 crore by using the mortgage documents of others. The loans were granted even though Kiran was not a member of the bank.
However, Kiran admitted to giving Rs 14 crore of the total money as bank transfers and cash. “Satheeshkumar was into illegal money lending and gave money to business persons in Thrissur. We suspect that the money diverted from the bank was used for his illegal business. Raids at his residence and business establishments revealed that Satheeshkumar lent without issuing receipts. He also did not collect and maintain KYC details of the lenders. He dealt only in cash. Hence, his business was illegal,” said a source.
Kiran and Satheeshkumar used others to take loans from the bank, the ED has found. “Several people who received loans without any mortgage linked to Satheeshkumar. He is connected to influential people, including politicians and those in the business community. We are identifying and questioning them,” the source said. ED is questioning CPM leaders, including Thrissur corporation councillor Anoop Davis and Wadakkanchery municipality health standing committee chairman P R Aravindakshan. Kiran and Satheeshkumar, who are in ED custody, admitted to knowing the CPM leaders. The ED is checking whether the leaders have had any financial dealings with the duo.