The scam has raised serious concerns about the integrity and regulatory oversight within Kerala’s cooperative banking sector.
The Karuvannur cooperative bank in Thrissur where irregularities worth over Rs 150 crore have been detected. (Special Arrangement)
The Enforcement Directorate (ED) is said to have arraigned the ruling CPI (M) as one of the accused in the multi-crore Karuvannur bank scam. According to the agency, which has been investigating allegations of a multi-crore loan scam at the Karuvannur Service Cooperative Bank in Thrissur, the party had also allegedly siphoned off illegal loans worth crores.