New Delhi: The Enforcement Directorate (ED) on Tuesday arrested two persons — Sathish Kumar and Kiran P.P. — in the Karuvannur Service Co-operative Bank fraud case amounting to Rs 150 crore.
Both the accused were produced before a special PMLA court which remanded them to three-day ED custody.
An ED official said that Kiran was the beneficiary of illegally sanctioned loans in the names of benamis using benami properties. They generated proceeds of crime to the tune of Rs 48.57 crore, including principal and interest amounts, which remained unpaid to the bank.
The official said that Sathish Kumar also committed the scheduled offence and generated proceeds of crime of more than Rs 14 crore in the form of illegal loans from the bank.
The ED initiated a PMLA investigation based on an FIR lodged by the bank, stating that few officials and staff with the help of private individuals swindled more than Rs 150 crore between 2014 and 2020.
The accused also manipulated the bank’s software.
Earlier, the ED had attached properties worth Rs 30 crore, including a resort in Thekkady, Kerala, built out of the proceeds of crime.
–IANS