Kochi: ED’s drive against multi-core scams in cooperative banks continued with the latest being Kandala Cooperative Bank near Thiruvananthapuram in Kerala today, media reports said.
In a pre dawn rais, the Directorate of Enforcement (ED) conducted searches in the houses of its officials and former officials.
Tight security was deployed outside the bank governed by the CPM which is heading the government in the state.
As police were slow pedaling on the people’s complaints of bank’s inability to redeem their deposits, the ED made its intervention to expose the scam.
Over 50 depositors had lodged complaints with the police. Irregularities worth Rs 100 crore was found in an internal investigation, the reports said.
The ED has already submitted an interim chargesheet in the multi-crore loan scam at Karuvannur Service Cooperative Bank governed by the CPM in Thrissur. The Left government has alleged that the BJP-led government in the centre was trying to crush the cooperative sector in the state through its Multi-State Cooperative Societies (Amendment) Bill passed by the Lok Sabha recently.
ED raids at Kandala
