The ED has confiscated assets worth Rs 30.70 crore of Bijoy A K, the commission agent of Karuvannur Service Co-operative Bank Ltd, in Kerala under the PMLA Act in fraud and cheating cases, PTI reports.
The ED says the accused sanctioned and disbursed loans of Rs 26.60 crore in cash without any collateral. It was carried out in utter violation of the guidelines.
Incidentally, the ruling CPI(M)-controls Karuvannur Cooperative Bank.