On September 26, 2023, the Directorate of Enforcement (ED) arrested Aravindakshan P.R. and Jilse C.K. in the Karuvannur Co-op Bank fraud case under the provisions of the Prevention of Money Laundering Act (PMLA) 2002.
The ED launched an investigation based on a police FIR filed by Irinjalakuda Police Station in Thrissur district, Kerala, alleging a swindle of more than Rs.150 crore by bank officials with the assistance of private individuals.
Following the ED’s search operations, it was discovered that Sathish Kumar P had stacked the proceeds of crime worth Rs.50 lakhs through a fixed deposit in the name of Aravidakshan P.R. Furthermore, large transactions were discovered in Aravindakshan P R’s bank account that were not mentioned during the investigation. Jilse C.K. previously worked as an Accountant for Karuvannur Co-op Bank Ltd. During an investigation under the PMLA, 2002, it was discovered that Jillse C.K. had obtained a loan in the name of his family members and several others and that an amount totalling Rs.5.06 Crore was outstanding from the loan.
The defendants were brought before the PMLA Special Court in Ernakulam, Kerala. The appointed Court has given the arrested suspects ED custody for two days. Earlier in this case, the ED had provisionally attached properties worth Rs. 30 crore, including a resort developed with criminal earnings in Thekkady, Kerala. More research is being conducted.
