CPM-controlled Karuvannur Cooperative Bank has been hitting the headlines since long, of course all due to bad reasons. It is a Rs 150 cr fraud. ED has already attached Rs 87.75 cr worth assets. Now, ED has demanded to present the accounts of CPM Thrissur district committee. It has pushed the party into further dilemma. The ED demand is for the income and expenditure accounts from 2016. It should be presented before November 30. Even though party claims to be keeping proper accounts, the submission of the same before an investigation agency is a real set back to the ruling party and its Left Democratic Front (LDF) apparatus.
Ninety willful defaulters reportedly owe Rs 343 cr to the bank. Wadakkancherry Municipal Councilor (CPM) P.R. Aravindakshan, money lender P. Satheeshkukumar, bank accountant C.K. Jilse and P.P. Kiran had been arrested in this regard. CPM State Committee member and former Cooperative Minister A.C. Moideen MLA and M.K. Kannan, another CPM State Committee member and Vice President of CPM-controlled Kerala Bank have already been interrogated by ED.
The latest developments pave the way for sleepless nights to CPM leadership.
