• Huge loans were given to individuals who were not even members of the bank. Loans were granted without the recommendation of the bank council, and without receiving approval from the president. Loans were distributed solely on the basis of asset valuation reports prepared by manager Biju Kareem.
• Loans amounting to Rs 50 lakhs were granted without even properly verifying the pledged properties.
• All the benami loans were sanctioned in the names of the class A members of the bank.
• Memberships were given to individuals falling outside the jurisdiction of the bank, and properties lying outside its jurisdiction were pledged as well.
• Multiple loans were given for a single property without even considering the market value.
• Originals of property documents were reportedly missing.
• Loans were granted to several fake landowners as well.
• After quizzing the bank employees, it was discovered that they had no real clue regarding whether the loans were being credited to the original applicant’s account or not. They have apparently confessed to the ED that they often transferred the loan money based on the instructions given by the head office.

Meanwhile, the ED has informed the court that they are in the preliminary stage of investigation into the Karuvannur bank scam. The enforcement officials have stated that it is a mammoth scam, with several skeletons in the closet. The ED has requested more time to complete the investigation.

A marathon questioning in connection with the case is happening at the Kochi ED office. The investigation surrounding former minister AC Moideen may apparently lead to the arrests of a few other political bigwigs in Thrissur.

CPM MLA Moideen has informed that he will appear before the ED office On September 11. The authority has already collected details pertaining to his properties. The ED officials also alleged that Satheesh Kumar and PP Kiran, arrestees in the case, are apparently not cooperating with the investigating officers.