There is no necessity to transfer the investigation into the fraud in the Karuvannur Service Cooperative Bank at Irinjalakuda in Thrissur district to the Central Bureau of Investigation(CBI) as the crime branch is probing the case in an effective and fair manner, according to an affidavit filed by the State government on Wednesday before the Kerala High Court
Opposing the plea for a CBI probe into the case, the State government submitted that if the investigation was handed over to the CBI, it would adversely affect the morale of the police as a whole.
The petition, seeking a CBI probe into the case, was filed by M.V.Suresh, a former employee of the bank, alleging that as the bank was managed by a committee owing allegiance to the CPI(M) , an investigation by the police or the Crime Branch would not be fair. In fact, around ₹300 crore had been siphoned off from various accounts of the bank at the behest of the managing committee of the bank.
The affidavit said that the allegation that the misappropriated amount had been utilised for purchasing land and for holding conventions of certain outlawed outfits for terrorist activities was too "casual and uphazard statement" made without any materials whatsoever. In fact, the investigation was being conducted from all angles of the case, it added.
Besides, there was nothing on records to show that the investigation was tainted and in the wrong direction. The government had already stated in an unmistakable term that there shall not be any sort of interference in the investigation and the culprits would be brought to book , the affidavit stated.
The government said that the petition was filed by the petitioner without any bonafide as he had been placed under suspension in 2015 for grave financial misappropriation and other serious offences at the extension counter of the bank, where he worked as incharge of the counter. The charge sheet against the petitioner, establishing a financial misappropriation of ₹1,28,631 had been submitted before the Judicial First Class Magistrate Court, Irinjalakuda.
The amount involved was huge and voluminous documents relating to the transaction over a considerable period had to be verified. In fact, the crime committed included sanctioning of loans on fake addresses by mortgaging the landed property without the knowledge of the actual owner of the property.
The State government also submitted that the crime branch was a specialized agency, fully competent and authorised, to investigate serious economic offences such as cyber and bank frauds amounting ₹5 crore and above. The fact that the management of the bank owed allegiance to a particular political party or ruling party was not a ground to change the investigation agency. Efforts were on to find out other persons who were involved in the offence and their respective responsibilities.
