Karuvannur bank case: Court accepts ED’s supplementary charges against CPI(M), party leaders
File image of Karuvannur Service Cooperative Bank in Thrissur | Photo credit: KK Najeeb
The Special Anti-Money Laundering Court (PMLA) in Kochi on Saturday accepted the supplementary chargesheet filed by the Enforcement Directorate (ED) against 29 accused, including the CPI(M) and several of its leaders, in the alleged money laundering case related to Karuvannur Service Cooperative Bank in Thrissur.
The court is set to issue summonses to those named in the additional charge and order them to appear on July 4. Of the total 83 accused in the case, two have turned approvers while two others have died. The ED has so far attached properties and assets worth ₹128 crore in connection with the case. The trial of the case is likely to begin soon, sources said.
The bank is alleged to have laundered ₹180 crore through fraudulent loans. The ED filed its first chargesheet against 55 accused in the Karuvannur loan scam case on 1 November 2023. This was followed by the arrest of CPI(M) Wadakkanchera, former city councilor PR Aravindakshan, private moneylender P Satheeshkumar, bank accountant CK Jilse and PP Kiran from Thrissur under the provisions of PMLA.
In May last year, the agency filed a supplementary indictment against another 29 accused. This included CPI(M) leaders such as Lok Sabha MP K Radhakrishnan, former MLA AC Moideen, former Thrissur district secretary MM Varghese and several local and district committee secretaries.
The prosecution’s case
The indictment is that the accused, in cooperation with bank officials, siphoned off money obtained from fake loans. The investigation revealed that several bogus loans were sanctioned against the same property multiple times without the knowledge of the company members. Benami loans were also extended to non-members of the bank, often against inflated property valuations. The loans approved in this way were allegedly vacuumed and washed by the accused.
Published – 06 Jun 2026 15:17 IST