Karuvannur bank scam: CPI-M leaders get bail in ₹180 crore PMLA case
Synopsis
The ED has not just named individual CPI-M leaders — it has arraigned the party itself as the 68th accused in the Karuvannur Cooperative Bank case. With ₹180 crore allegedly laundered and ₹128.82 crore in assets already attached, Saturday's bail hearing in Kochi marks the opening of what could become Kerala's most consequential political money-laundering trial.
Key Takeaways
Former minister A.C.
Radhakrishnan , and former Thrissur district secretary M.M.
Varghese secured bail on 4 July at the Special PMLA Court, Kochi .
The ED has named 83 accused in two charge sheets, including the CPI-M party itself as the 68th accused .
Approximately ₹180 crore was allegedly laundered through fake benami loans at the Karuvannur Cooperative Bank .
Assets worth ₹128.82 crore , including properties linked to CPI-M , have been attached by the ED.
The Thrissur district secretary and 19 other accused must appear before the court on 21 July .
The accused plan to file discharge petitions before the trial commences.
Senior Communist Party of India (Marxist) leaders accused in the Karuvannur Cooperative Bank money laundering case secured bail on Saturday, 4 July after appearing before the Special PMLA Court at Kaloor, Kochi. The court had issued prior summonses mandating their personal appearance under the Prevention of Money Laundering Act (PMLA).
Who Appeared Before the Court
Among those who filed bail applications were former minister and MLA A.C. Moideen, Member of Parliament K. Radhakrishnan, former CPI-M Thrissur district secretary M.M. Varghese, and five other accused. The Enforcement Directorate (ED) has named a total of 83 accused in two prosecution complaints filed in the case. Moideen is listed as the 67th accused, the CPI-M as the 68th, Varghese as the 69th, and Radhakrishnan as the 70th.
CPI-M Arraigned as Accused Party
In an unusual legal development, the ED has arraigned the CPI-M itself as the 68th accused in the case — a move that underscores the breadth of the agency's prosecution strategy. No representative appeared on behalf of the party on Saturday. The Special PMLA Court consequently directed the Thrissur district secretary to present before the court as the party's representative on 21 July. An additional 19 accused who failed to appear were also ordered to attend on the same date.
Scale of the Alleged Fraud
According to the ED, the accused laundered approximately ₹180 crore through fake benami loans and other financial irregularities at the Karuvannur Cooperative Bank. The agency had earlier attached assets worth ₹128.82 crore, including properties allegedly linked to the CPI-M. The court had previously observed that prima facie evidence exists against the accused and ruled that all should face trial.
Accused Plan Discharge Petitions
After receiving copies of the charge sheet from the court, the accused have decided to file discharge petitions, seeking removal from the case before the commencement of trial. Speaking to reporters after securing bail, K. Radhakrishnan alleged that the ED had included them in the list of accused 'not because they had committed any wrongdoing, but solely because they were CPI-M leaders.' The ED has not publicly responded to this claim.
What Comes Next
With the next hearing scheduled for 21 July, the case is set to enter a critical phase as discharge petitions are filed and the question of the party's legal representation is resolved. The outcome could have significant implications for the CPI-M's standing in Kerala ahead of future electoral cycles.
Point of View
It sets a precedent for how investigative agencies can pursue political parties in financial crime cases. Kerala's Left government has consistently framed the ED's actions as political vendetta, but the court's own observation of prima facie evidence complicates that narrative. The discharge petition strategy will be the real test: if it fails, the CPI-M faces a prolonged trial that could dominate the political conversation well into the next assembly election cycle.
NationPress
4 Jul 2026
Frequently Asked Questions
What is the Karuvannur Cooperative Bank money laundering case?
The Karuvannur Cooperative Bank case involves allegations that approximately ₹180 crore was laundered through fake benami loans and financial irregularities at the bank in Thrissur, Kerala. The Enforcement Directorate has filed two charge sheets naming 83 accused, including senior CPI-M leaders and the party itself.
Who are the key accused in the Karuvannur PMLA case?
The key accused include former minister and MLA A.C. Moideen (67th accused), the CPI-M party (68th accused), former Thrissur district secretary M.M. Varghese (69th accused), and MP K. Radhakrishnan (70th accused), among a total of 83 named individuals and entities.
Why has the CPI-M been named as an accused in the case?
The Enforcement Directorate arraigned the CPI-M itself as the 68th accused, alleging that assets linked to the party were among those involved in the laundering. The party's leaders have denied wrongdoing and called the inclusion politically motivated.
What happens next in the Karuvannur bank case?
The next hearing is scheduled for 21 July, when the Thrissur district secretary must appear as the CPI-M's representative and 19 other absentee accused must also present themselves. The accused are also expected to file discharge petitions seeking removal from the case before trial begins.
How much has the ED attached in the Karuvannur case?
The ED has attached assets worth ₹128.82 crore, including properties allegedly linked to the CPI-M, as part of its investigation into the ₹180 crore money laundering case.
