
Prime Minister Narendra Modi spoke with Prof T N Sarasu, the Bharatiya Janata Party (BJP) candidate in the Alathur Lok Sabha constituency in Kerala. During their conversation on Tuesday, PM Modi assured Prof Sarasu that strict action would be taken against those responsible for the alleged irregularities in the cooperative banks in the state.
Prof Sarasu, a retired college principal, raised the issue of irregularities in certain cooperative banks in Kerala and requested PM Modi’s intervention to punish those involved. In response, PM Modi expressed his satisfaction with Prof Sarasu’s focus on the issues faced by the people and the common man. He acknowledged the impact on the poor and assured that the government would take stringent action against all those responsible. PM Modi also promised to seek legal advice and ensure that any property attached by the Enforcement Directorate (ED), along with the money involved, would be returned to the affected individuals.
The scam took place at the Karuvannur Service Cooperative Bank in Thrissur district, which is controlled by the ruling Communist Party of India (Marxist) (CPI(M)). The ED is currently investigating the matter and has arrested several individuals, as well as interrogating local CPI(M) leaders in Thrissur district regarding their alleged involvement. The central agency has also attached properties belonging to some individuals implicated in the scam.
The ED, which is investigating the fraud, told the court that during its investigation “it was found that many of the accused are office-bearers and members of the ruling political party CPI(M) and there was a deep-rooted conspiracy to embezzle money from the public and make gains for the party as well as its leaders.”
The agency further claimed that the bank fraud was “an organised crime” and its probe so far has revealed high-profile links, which include politicians, police officials, and individuals in local, district, and state-level administration.
“It is one of the biggest scams the state of Kerala has ever seen in terms of money, political links, and public fraud. The transactions undertaken by these individuals are in ‘benami’ names and cash-based operations, which are easy to dispose and conceal from the investigation.” the ED said in an affidavit filed in court.
“The money flow out of these transactions are being investigated into and it is revealed from the investigation so far that senior political leaders of the party are involved in these transactions and unprecedented money laundering has been carried out by them,” the agency said.