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KOCHI: The Enforcement Directorate (ED) has found that the CPM local and district leadership directly controlled the day-to-day operations of the Karuvannur Service Cooperative Bank. This

was stated in the ED chargesheet filed before the Prevention of Money Laundering Act (PMLA) court in Kochi on Monday. The central agency’s investigation into the high-profile money

laundering case surrounding the bank found that two informal committees operated above the bank’s official governing body to oversee daily affairs: the ‘Party Sub Committee @ Parliamentary

Party Fraction’ and the ‘Parliamentary Party Committee’. According to a confidential statement given to the magistrate by Biju M K, a former manager of the bank, the ‘Party Sub Committee’

comprised members nominated by the CPM Thrissur district committee, secretaries of local CPM committees, area committee members within the bank’s jurisdiction, district committee

representatives, bank’s president and secretary, and an employee representative. The ‘Parliamentary Party Committee’ included two members of the bank’s governing body, who were CPM members,

local committee secretaries, and the secretary of the Irinjalakuda CPM area committee, he stated.