Karuvannur bank fraud case: Crime branch nabs key accused

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Palakkad: Crime Branch arrested Kiran, the key accused in the Karuvannur bank fraud case from Kollengode here on Monday. He was absconding from the probe team for a long time. Earlier, it was found that Kiran who is named as fourth accused has embezzled Rs 25 crore from Karuvannur Bank.

Kiran has been absconding since the Karuvannur bank fraud came to light. According to Crime Branch, Kiran was hiding in various states including Tamil Nadu and Karnataka by avoiding the use of mobile phones or ATM cards. He was also not in touch with his family.

However, he was arrested following a tip-off received by the crime branch that the accused was in Kollengode.

Earlier, a preliminary investigation into the transactions of the Karuvannur Bank uncovered a huge scam involving Rs 100 crore and financial irregularities of Rs 300 crore. Following this, a case was registered by the Irinjalakuda Police on July 17.

It was learnt that Kiran swindled Rs 25 crore from Karuvannur Bank using the Benami names of 50 people. Kiran, who was an employee of the bank, was involved in the scam along with Sunil Kumar, the secretary of the bank.

Earlier, all the accused, except Kiran, who was directly involved in the scam, had been arrested.

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