Karuvannur bank scam: CPM leader PR Aravindakshan gets bail

Kochi: The Kerala High Court has granted bail to CPM leader PR Aravindakshan in the Karuvannur bank money laundering case, stating there are no grounds to deny it. The court also extended bail to CK Jills, a former accountant at the bank.

Justice CS Dias issued the order after considering earlier Supreme Court judgments, including those granting bail to former Delhi Chief Minister Arvind Kejriwal. The bail comes with strict conditions.

Despite opposition from the Directorate of Enforcement (ED), the court noted that no sufficient reasons existed to reject bail. Aravindakshan, the third accused in the case, was arrested on September 26, 2023.

The ED’s findings state all frauds in the case occurred with Aravindakshan’s knowledge. The ED also claimed that Aravindakshan held a fixed deposit of Rs 50 lakh in Karuvannur Cooperative Bank, derived from funds allegedly acquired through benami loans.

The ED had presented audio recordings of conversations between Aravindakshan and the prime accused, Satheesh Kumar, as evidence of money laundering. Additionally, it was alleged that CK Jills sold land worth lakhs of rupees as part of the scam.

Both accused had initially approached the PMLA Court in Kochi seeking bail, but their pleas were rejected. In June this year, the High Court granted Aravindakshan interim bail for ten days to attend his daughter’s wedding.