Irregularities in Karuvannur Bank committed at behest of CPI(M) leaders: ED to Kerala HC

Irregularities in the multi-crore scam at Karuvannur Service Cooperative Bank were allegedly carried out under the direction of leaders from the ruling CPI(M) party, according to the Enforcement Directorate (ED). The ED, currently investigating the fraud, informed the Kerala High Court on Monday that their investigation revealed that "many of the accused are office-bearers and members of the ruling political party CPI(M) and there was a deep-rooted conspiracy to embezzle money from the public and benefit the party and its leaders."