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ED Reveals: Key Accused in Karuvannur Bank Scam Laundered Nearly Rs 40 Cr Through Another Bank

The Enforcement Directorate (ED) has disclosed a significant development in the ongoing investigation into the Karuvannur Cooperative Bank scam. According to their findings, Satheesh Kumar, the central figure in this controversy, engaged in money laundering activities through another cooperative bank within the district.

It has come to light that Satheesh deposited an astounding sum of Rs 40 crore in unaccounted funds into accounts held at the Ayyanthole Service Co-operative Bank. As a response to this discovery, the ED has taken action by freezing five accounts linked to Satheesh and his family members within this particular bank.

Manorama News, a prominent news outlet, has diligently reviewed crucial evidence pertaining to these alleged money laundering activities. Their investigation reveals that Satheesh managed to funnel nearly Rs 40 crore into these accounts over the span of a decade, subsequently orchestrating transfers to other financial institutions in an attempt to legitimize these funds.

Furthermore, there are allegations that certain CPM leaders, who held positions within the bank’s administrative panel, may have played a role in facilitating these transactions. Manorama News has reported that individuals such as CPM leader P K Shajan’s wife and senior CPM leader Baby John’s daughter are employed at the Ayyanthole Service Co-operative Bank, raising questions about their potential involvement.

In response to these developments, the ED has taken proactive measures by requesting a comprehensive report from the Ayyanthole Service Co-operative Bank. This request follows the freezing of accounts controlled by Satheesh and his family members, as reported by the television channel.


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