K. Radhakrishnan, who is a Member of Parliament and also a former district secretary of the CPI(M) party in Thrissur, Kerala, appeared before the Enforcement Directorate (ED) in Kochi on Tuesday, April 8, 2025. He was called for questioning as part of an ongoing investigation into a major financial scam involving the Karuvannur Service Cooperative Bank. Earlier, the ED had issued a notice asking him to appear for interrogation, but he had requested more time, stating that he was busy with other official work. He has now appeared before the agency to give his statement.
The scam is estimated to be over Rs.100 crores. Earlier, ED had interrogated former CPM district secretary M M Varghese. Another CPM leader and Wadakkanchery municipal councillor P Aravindhakshan was arrested in the case. Two more prominent CPM leaders are likely to be included in the list of accused in the Karuvannur bank scam. So far, assets worth Rs 10 crore have been recovered in the Karuvannur bank scam.
This case is related to serious allegations against the bank. The ED claims that the Karuvannur Bank gave out loans to several individuals in an illegal manner, without following the proper rules and procedures. Because of these illegal activities, the bank suffered major financial losses. Eventually, the bank ran into a crisis and was unable to return the money deposited by many account holders.
As part of the investigation, the ED had also questioned M. M. Varghese, another senior CPI(M) leader who previously served as the district secretary. The agency also conducted raids on the offices and houses of some party leaders who are suspected to be involved in the scam. During the raids, the ED froze several bank accounts and provisionally attached properties believed to be linked to the illegal transactions. The investigation is still ongoing, and the ED is continuing its efforts to uncover the full extent of the scam.
