Kochi : ED suffers major blow on Wednesday when the High Court ordered it to return all property deeds it seized from the Karuvannur bank. Title deeds belonging to all borrowers must be returned. Documents must be handed over against applications the bank authorities submit, the court clarified. The court also asked to return all original Aadhars and retaining copies of them instead.
Post the ruling, Minister V Vasavan described High Court intervention as relief. The minister had yesterday guaranteed depostors they would not lose a single paise invested with the Karuvannur Co-op Bank. Giving out figures, the minister said Rs 282 crores are being paid to investors of which Rs 73 crores has already been remitted and payment of Rs 50 is underway.
The problems in Karuvannur bank are being addressed and there would be no loss of a single paisa to any depositor. A contingency fund is being instituted shortly. An important official of Kerala Bank will be appointed as CEO at Karuvannur, the minister added.
