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

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

The court had accepted the supplementary chargesheet filed by the Enforcement Directorate (ED) against 28 accused, including the CPI(M) and several of its leaders, in the case on June 6. The CPI(M) leaders, among the additional accused, had filed objections and contended that the allegations in the complaint were not sufficient to proceed against them for offence under Section 4 of PMLA.

Of the total 83 accused in the case, two have turned approvers, while two others have died. So far, the ED has attached properties and assets worth ₹128 crore in connection with the case. Trial in the case is likely to begin soon.

The ED filed its first chargesheet against 55 accused in the Karuvannur loan fraud case on November 1, 2023. In May last year, the agency filed a supplementary chargesheet against 28 more accused.

The Special Public Prosecutor argued that the supplementary complaint and the documents produced along with it were sufficient to proceed against the additional accused, numbered 56 to 83. The objections raised by the proposed additional accused pertained to the merits of the case, which were not liable to be considered in detail at this stage. “Absolutely, there are no reasons to disbelieve or discard the allegations put forward in the complaint and supported by the documents.”

The Special Public Prosecutor further argued that “the CPI(M) district committee, Thrissur, is an association of members and, as such, it is to be treated as a company as defined under Section 70 of the PML Act, 2002.”