Karuvannur bank fraud case: CPI(M) leaders A.C. Moideen, K. Radhakrishnan, M.M. Varghese get bail

CPI(M) MLA AC Moideen, MP K. Radhakrishnan and former Thrissur district secretary MM Varghese, all accused in the money laundering case related to Karuvannur Service Cooperative Bank in Thrissur, Kerala, were granted bail from the Special Prevention of Money Laundering Court (PMLA) in Kochi on Saturday.

The court had accepted the supplementary indictment filed by the Enforcement Directorate (ED) against 28 accused, including the CPI(M) and several of its leaders, in the case on June 6. CPI(M) leaders, who are among the additional accused, had filed objections and argued that the allegations in the complaint were not sufficient to constitute an offense against them under Section 4 of the PMLA.

Of the 83 total defendants in the case, two consented and the other two died. So far, ED has attached properties and assets worth ₹128 crore in connection with the case. The hearing of the case is expected to begin soon.

ED filed its first chargesheet against 55 accused in the Karuvannur loan scam case on November 1, 2023. In May last year, the department filed an additional charge against 28 defendants.

The Special Public Prosecutor argued that the additional complaint and the documents filed with it were sufficient to proceed against additional defendants Nos. 56 to 83. The objections raised by the proposed additional defendants were on the merits of the case and it was not possible to consider them in detail at this stage. “There is absolutely no reason to disbelieve or reject the allegations made in the complaint and supported by documents.”

The Special Prosecutor further argued that “CPI(M) district committee Thrissur is a union of members and, therefore, should be treated as a corporation as defined under Section 70 of the PML Act, 2002.”