KOCHI: The trial court has denied bail to the accused in the Karuvannur Cooperative Bank fraud case. CPM leader and Vadakanchery Municipal Standing Committee Chairman PR Aravindakshan and the bank’s former senior accountant CK Jills had filed the bail application. This decision comes from the Ernakulam PMLA Court.

The ED (Enforcement Directorate) has uncovered that PR Aravindakshan, the third accused in this case engaged in money laundering. They presented documents showing Aravindakshan’s financial dealings with the main accused P Satish Kumar along with phone conversations to support their claim. The ED’s argument is that bail shouldn’t be granted to the accused during the ongoing investigation.

However, Aravindakshan informed the court that the allegation of money laundering is untrue. He clarified that the financial transactions through his account were related to his quarry and hotel businesses. Aravindakshan also mentioned his close association with Satish Kumar as his former driver. Aravindakshan was arrested at his home by the ED in Thrissur on September 26.