Whatever the situation, truth always triumphs in all its manifestations. When one’s looting is worth crores of rupees, this sentence has an impact on the Karuvannur Service Co-Operative Bank’s management. ED (Enforcement Directorate) attached the assets worth Rs. 30.70 crores of a commission agent in the bank under the Prevention of Money Laundering Act and several others, including twenty properties that consist of lands, buildings in Kerala, two premium cars worth Rs. 3,40,000, and foreign currencies worth Rs. 2,08124. Officials discovered 57 accounts worth Rs. 35 lakhs in AK Bijoy’s bank balances.
According to reports gathered with valid information, the central agency claims that he (AK Bijoy) has disbursed the amount from the bank with their customer’s account, claiming for a loan that Karuvannur Service Co-Operative Bank customers did not request. The ED investigated and filed an FIR on his behalf under the money laundering case (IPC section 420), and Kerala Police (Crime Department) filed 16 FIRs in Thrissur District pertaining to the frauds committed in his presence.
The Karuvannur Service Co-Operative Bank was under thorough observation by the Registrar of Co-Operative Societies in Thiruvananthapuram. Since the FIR was filed in July 2021, the registrars have discovered that more than Rs 100 crores of events have occurred in accordance with the scam that has troubled many.
One woman depositor was found dead, and then their family members started their protests with the corpse. But still, the responses were not very fruitful. This incident prompted political parties to oppose the CPI (M) Consumer Price Index rule with the banks.
As per various records claimed for this cause of money laundering, the committee of thirteen members of the bank was dissolved.