Karuvannur bank | Photo: Mathrubhumi
The Enforcement Directorate (ED) is conducting a raid at Karuvannur bank and the residences of the accused in the bank scam case that was unearthed in 2021.
A 75-member team has been entrusted to conduct the raid in the houses of the bank president, secretary and other accused.
Irinjalakuda police registered a case in connection with the scam on July 14, 2021 and the case was handed over to the Crime Branch on July 20. Allegedly, the scam took place with the knowledge of the board members and the misappropriation of funds was carried out by forging signatures and documents.
In the year 2015-16, the bank had a deposit of Rs 501 crores. In 2016-17, it came down to Rs 424 crores as Rs 77 crores were withdrawn. In 2017-18, it further came down to Rs 405 crores and to 340 crores next year.