Political Scandal: ED Names CPI(M) in Kerala's Bank Scam
The Enforcement Directorate has accused the ruling CPI(M) in Kerala in a chargesheet related to the Karuvannur Service Cooperative Bank scam. The ED filed the chargesheet under the Prevention of Money Laundering Act, alleging irregularities worth Rs 300 crore. The CPI(M) dismisses allegations as politically motivated.
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The Enforcement Directorate (ED) has implicated the ruling CPI(M) in Kerala in a new chargesheet concerning the Karuvannur Service Cooperative Bank scam, official sources confirm.
This marks only the second occasion that the federal probe agency has held a political party accountable under the Prevention of Money Laundering Act (PMLA), following allegations against the Aam Aadmi Party last year in a liquor scandal.
The chargesheet lists 28 entities and individuals, including CPI(M) members like MP K Radhakrishnan and MLA AC Moideen. Allegations point to bogus loans and fraudulent transactions by the cooperative bank, with funds siphoned off, totaling Rs 300 crore. Despite dismissing the charges, the CPI(M) vows to challenge them legally and politically.
(With inputs from agencies.)
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