Kochi ∙ What is ED doing in the Karuvannur Cooperative Bank irregularity? The High Court expressed its displeasure at the prolongation of the investigation. Justice Devan Ramachandran made these observations while hearing a petition filed by an investor named Ali Sabri alleging that his properties have been confiscated and his accounts frozen.
The court had made this observation even before hearing the case. The ED informed that the investigation of the case is at the final stage and the role of some political leaders is clear from the statements received in connection with Karuvannur. ED also stated that they are preparing to send summons to them. Meanwhile, the court mentioned that the investigation is delayed even today.
The High Court also directed to produce the charge sheet filed by the ED in the trial court in connection with the Ali Sabri case.
Earlier, the ED had stated in the affidavit that Ali Sabri’s petition should be dismissed and that there was evidence of irregularities committed by him in connection with the bank. The court inquired about this while considering the case. In the meantime, the court recorded its displeasure in extending the investigation related to Karuvannur.
This is something that affects many people including investors. The investigation cannot be prolonged like this. What guarantees will they be given? An investigating agency must prove its effectiveness by its actions. The High Court also clarified that there should be a time schedule for the investigation.
According to the ED, Ali Sabri has received a loan of Rs 6.60 crore from Karuvannur Bank in his own name, in the name of his family members and others. The money was not used only for what the loan was taken for. ED also stated that this money was used for buying land in Pollachi and for other purposes.
