The Enforcement Directorate (ED) has attached assets worth `30.70 crore of Bijoy AK, Commission Agent of Karuvannur Service Co-Operative Bank Ltd. under Prevention of Money Laundering Act (PMLA) in fraud and cheating cases.
The attached assets include 20 immovable properties consisting of land and building in Kerala, two vehicles (Innova and Audi), cash seized from his house (`3,40,000 and Foreign Currency equivalent to `2,08,12) totaling `5,48,124, balances in 57 bank accounts and his firms to the tune of `35,86,990.
Bijoy was illegally sanctioned and disbursed loan to the tune of `26.60 crore in cash without any collateral due to systematic conspiracy hatched and perpetuated by the Secretary and Committee Members of the Bank since 2010.
The ED initiated money laundering investigation on the basis of FIRs registered by Kerala Police under Indian Penal Code (IPC) Section relating to cheating.
Kerala Police (Crime Branch) has registered more than 16 FIRs in Thrissur district regarding fraud in Karuvannur Service Co-Operative Bank Ltd.
“The money laundering investigation carried out so far has revealed that multiple bogus loans were sanctioned by the bank on the same property without the knowledge of members of the Society,” the ED said in a
statement.