{"id":20785,"date":"2024-04-07T18:05:52","date_gmt":"2024-04-07T18:05:52","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/07\/karuvannur-like-scams-at-12-kerala-co-op-banks-ed-tells-revenue-department\/"},"modified":"2024-04-07T18:05:52","modified_gmt":"2024-04-07T18:05:52","slug":"karuvannur-like-scams-at-12-kerala-co-op-banks-ed-tells-revenue-department","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/04\/07\/karuvannur-like-scams-at-12-kerala-co-op-banks-ed-tells-revenue-department\/","title":{"rendered":"Karuvannur-like ‘scams’ at 12 Kerala co-op banks, ED tells revenue department"},"content":{"rendered":"
\"Karuvannur-like<\/div>\n
New Delhi: The Enforcement Directorate (ED) has informed the Department of Revenue<\/a> that its money laundering<\/a> probe into the alleged ‘undisclosed bank<\/a> accounts’ of CPM<\/a> and its leaders in a service co-operative bank has revealed that similar fraud has been discovered in “many other co-operative societies in Kerala<\/a>“.<\/p>\n

Sharing its investigation report with the Department of Revenue, the ED has shared a list of 12 service co-operative banks where “similar irregularities have been observed” as in the case of Karuvannur Service Co-operative bank where ED already claims to have discovered “five undisclosed bank accounts” of CPM leaders, as first reported by ET on April 1.<\/p>\n

The twelve service co-operative banks are: Thumboor Service Co-operative bank, Nadackal Service Co-operative bank, Mavelikkara Service Co-operative bank, Moonilavu Service Co-operative bank, Kandala Service Co-operative bank, Perunkavilla Service Co-operative bank, Mylapra Service Co-operative bank, Chathannoor Service Co-operative bank, BSNL Engineers Co-operative bank, Koni Regional Service Co-operative bank and Marayamuttam Service Co-operative bank.<\/p>\n

Kerala Police<\/a> had booked the 12 aforesaid on charges of fraud on the basis of which ED launched a money laundering investigation.<\/p>\n

The ED’s probe has found that the depositors and borrowers were quite distinct. “In reality, such activity of the co-operative societies is that of finance business and cannot be termed as co-operative society. It is also found that the co-operative societies are engaged in the activity of granting loans to public as well,” the ED told DoR in its probe report, said people in the know.<\/p>\n

The report states that “all this is done without any approval from the Registrar of Societies<\/a> and in violation of the Co-operative Societies Act”.The agency has referred to Section 56(o) of the Banking Regulation Act, 1949, which states that no co-operative society shall carry out banking business in India unless it is a co-operative bank and holds a licence issued by the Reserve Bank<\/a>.The ED’s probe report states that it came to the notice of the RBI<\/a> that some Cooperative Societies\/primary co-operative credit<\/a> societies are accepting deposits from non-members\/nominal members\/associate members”.<\/p>\n

In its report to the DoR, the ED has shared findings with regard to the money laundering probe into Karuvannur Service Co-operative bank.<\/p>\n

The report says that “other than the board of directors of Karuvannur Service Co-operative bank, the policy matters and the sanctioning of loan was controlled and regulated by the political sub-committee and parliamentary committee of CPM, which also maintained separate minutes for the sanction of the loans”.<\/p>\n

Further, the ED has told the DoR that “during the course of investigation it is also revealed that illegal loans have been sanctioned to various people on the directions of high-profile political leaders of the CPM”.<\/p>\n

The ED has found out that the illegal loans availed and not repaid as on December 31, 2022 have been obtained from the secretary, Karuvannur Service Co-operative bank, and amounts to Rs 188 crore (approx) of principal and Rs 343 crore (approx), including accrued interest.<\/p>\n

The ED has told the DoR that due to illegal diversion of loan, the depositors could not withdraw their hard-earned money during utmost necessity which resulted in suicide of depositors.<\/p>\n

During investigation in the case, more than 400 statements were recorded and searches were conducted at 20 premises in the case so far.<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

New Delhi: The Enforcement Directorate (ED) has informed the Department of Revenue that its money laundering probe into the alleged ‘undisclosed bank accounts’ of CPM and its leaders in a service co-operative bank has revealed that similar fraud has been discovered in “many other co-operative societies in Kerala“. Sharing its investigation report with the Department […]<\/p>\n","protected":false},"author":2,"featured_media":20786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-109112276,imgsize-48078.cms","fifu_image_alt":"","footnotes":""},"categories":[602],"tags":[673,3331,19395,7853,679,7403,26410,26412,2982,26411,2503,2126,26409,26408,2891,9453,2312],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/20785"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=20785"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/20785\/revisions"}],"predecessor-version":[{"id":20787,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/20785\/revisions\/20787"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/20786"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=20785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=20785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=20785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}