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The Enforcement Directorate (ED) has made a significant breakthrough in the ongoing investigation into financial irregularities connected to the Pulpally Service Cooperative Bank. On the radar of this investigation is Sajeevan Kollapallil, who now finds himself in ED custody.
The ED’s inquiry was set in motion by an FIR lodged by the Vigilance and Anti-Corruption Bureau, Wayanad, targeting the bank’s governing body members and officials. What unraveled in the course of this investigation was a web of deceit involving fraudulent loans and financial misconduct.
The ED’s findings exposed a disturbing pattern of wrongdoing within the bank. It was revealed that bank officials, in collaboration with governing body members, approved loans without the applicants’ knowledge and consent. Furthermore, these loans were granted based on overvalued properties offered as collateral. The excess funds from these loans were surreptitiously siphoned off and credited to Sajeevan’s account within the bank.
“The repercussions of these actions were dire. Applicants who were unaware of these loans failed to repay them, ultimately leading to a staggering loss of ₹5.62 crore for the Pulpally Service Cooperative Bank”.
Sajeevan Kollapallil’s arrest took place following these revelations, and he was subsequently presented before the Special Court, Prevention of Money Laundering Act, Kozhikode. The court, considering the gravity of the allegations and the need for further investigation, granted the ED custody of Sajeevan until Saturday.
“It’s worth noting that Sajeevan’s legal troubles extend beyond the financial fraud case. Earlier, the Pulpally police apprehended him in connection with the suspicious death of a farmer who had filed a complaint related to the fraud case. Additionally, an elderly couple accused certain bank directors of cheating them and implicated Sajeevan as the mastermind behind the scam. Several arrests, including that of K.K. Abraham and K.T. Ramadevi, have been made in connection with the bank fraud case”.
Sajeevan Kollapallil’s name also figures prominently in the suicide note left by the farmer. He faces multiple vigilance cases registered in connection with the bank fraud, further underscoring the complexity and severity of the allegations against him.
The ED’s action in taking Sajeevan into custody marks a crucial step in untangling the intricate threads of the Pulpally Service Cooperative Bank’s financial scandal, providing a ray of hope for justice to be served. As the investigation continues, more details are expected to emerge, shedding light on the full extent of the wrongdoing and the individuals involved.
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