CPI(M) Entangled in Karuvannur Cooperative Bank Scam: ED's New Chargesheet
The Enforcement Directorate (ED) in India has accused the ruling CPI(M) in Kerala of money laundering linked to the Karuvannur Service Cooperative Bank scam. The chargesheet, involving 83 accused including CPI(M) leaders, cites misuse of loans and illegal financial activities allegedly directed by the political party.
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The Enforcement Directorate (ED) has officially named the ruling CPI(M) in Kerala as a defendant in its latest chargesheet regarding the Karuvannur Service Cooperative Bank case, according to sources.
This marks just the second occasion where a political party has been charged under the Prevention of Money Laundering Act (PMLA), following the 2023 charges against the Aam Aadmi Party in a separate case.
The CPI(M), along with 28 entities, is accused of financial misconduct involving about Rs 300 crore, stemming from inflated property valuations and bogus loans. Despite the allegations, CPI(M) vows to contest the charges both legally and politically.
(With inputs from agencies.)
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