ED attaches CPM office land, bank accounts

ED had named CPM as a key accused in the case after a probe revealed that money involved in the scam was diverted to party bank accounts.
Enforcement Directorate
Enforcement Directorate(Photo | X)

KOCHI: The CPM has landed in more trouble in the Karuvannur Service Cooperative Bank money laundering case, with the Enforcement Directorate (ED) on Friday temporarily attaching the party’s Porathissery office land and eight bank accounts in Thrissur district.

ED had named CPM as a key accused in the case after a probe revealed that money involved in the scam was diverted to party bank accounts.

The total value of attached properties is Rs 29 crore. “The properties include CPM Porathissery party office’s 5-cent land registered in the name of district secretary M M Varghese,” said a source. The registered value of the land is around Rs 10 lakh.

“This apart, the national agency has attached around Rs 60 lakh spread across eight bank accounts. These include five bank accounts of the CPM in the Karuvannur Service Cooperative Bank, and two fixed deposit accounts of the CPM Thrissur district committee and a savings account of the party Irinjalakuda area committee in three other banks, the source said.

‘CPM arraigned accused’

“Also, bank accounts and immovable assets of several individuals have been attached in connection with the case,” the source said. The Karuvannur Service Cooperative Bank had been a CPM-controlled bank for over 40 years. The enormity of the scam came to light when a forensic examination of the accounts by three senior auditors over two years found embezzlement of Rs 300 crore from the bank.

“Following the investigation, it was revealed that proceeds of crime from the Karuvannur bank were diverted to various bank accounts of the CPM. The party also maintained bogus accounts in the Karuvannur bank. Thus we arraigned CPM as the accused in the case. As part of the proceedings, the party properties were attached,” said the ED source.

This is the third attachment notice brought by ED in connection with the case. So far, the agency has attached properties to the tune of Rs 87.85 crore. Most of these properties, including movable and immovable assets, belonged to the prime accused persons, including local CPM leaders.

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