The Kerala High Court on Monday directed the State government to inform the court of the present status of the investigation being conducted by the Crime Branch (CB) into the alleged misappropriation of funds of the Karuvannur Service Cooperative Bank.
Justice Ziyad Rahman A. A. issued the directive when a petition filed by M. V. Suresh, a former employee of the bank, seeking a CBI probe into the scam came up for hearing. He pointed out that the Enforcement Directorate (ED) had launched a preliminary probe into the fraud, but it did not make much headway. He alleged that money to the tune of ₹300 crore was siphoned off from various accounts of the bank.
When the petition last came up before the court, the State government had opposed the plea of the petitioner. The government had submitted that there was no necessity to transfer the investigation to the CBI as the CB was investigating the case in an effective and fair manner.