An Enforcement Directorate team on Tuesday, August 22, launched a search operation at the residence of senior Kerala CPI(M) legislator AC Moideen in Thrissur district's Wadakkanchery area, in connection with the Karuvannur cooperative bank scam which surfaced in 2019. Soon after the scam surfaced, reports alleged that there was a close relationship between those who ran the bank and Moideen, the Kunnamkulam MLA.
The fraud detected in the bank was in excess of Rs 200 crore, leaving many depositors in deep distress. Moideen was a minister in the first Pinarayi Vijayan government of 2016-21. The ED registered cases against 18 persons, including the members of the Board of Directors and the staff of the popular Cooperative bank. Eight of them were sent to jail, and a court order directed confiscation of their assets to recover the money, but it was stayed on appeal.
Taking a dig at the ruling party, Anil Akkara -- a former Congress MLA from the district -- said soon the CPI(M) would come up with cliched statements that the Union government was using its agencies to harass political opponents. Moideen was present at his house as the raid by the twelve-member team continued.