What is Karuvannur Scam That Created Ripples In Kerala Politics

The Karuvannur scam centers on a major financial fraud that occurred at the Karuvannur Service Cooperative Bank in Thrissur, Kerala. The scam began around 2010, but came to the limelight in 2021. The scam involved the illegal sanctioning of loans, benami transactions, fake signatures, and the misuse of bank assets, with losses estimated between RS.100- 180 crore.

The Enforcement Directorate alleged that bank officials and agents sanctioned loans using fake documents and without the knowledge of genuine applicants. It also alleged that the loans were issued in violation of the rules and regulations and without proper collateral security.

The total number of people accused in the Karuvannur Cooperative Bank Scam is 83, according to the latest charge sheets filed by the Enforcement Directorate. The key accused include bank secretary Sunil Kumar TR, manager Biju M Kareem, accountant Jilse CK, private financier Satheesh Kumar and real estate player Kiran PP.

K. Radhakrishnan, MP has been arraigned as the 70 th accused in the case. Besides Mr. Radhakrishnan, Madhu Ambalapuram, a municipal councilor of Wadakkanchery municipality, former Minister A.C. Moideen, former party Thrissur district secretary M. M. Varghese, A. R. Peethambaran secretary of the Porathussery North local committee, M. B. Raju, secretary of Porathissery South local committee and K. C. Premarajan, secretary of Irinjalakuda area committee, has also been named as accused in the case.

The involvement of the CPI (M) leaders created waves in the political circles in Kerala. The opposition and the scam used the scam as a weapon to hit out at the CPI (M). The case remains politically debatable, with CPI (M) leaders calling the ED’S actions a political conspiracy.