Kochi: The Kerala High Court has rebuked the Enforcement Directorate (ED) for the sluggish progress in investigating irregularities linked to the Karuvannur Co-operative Bank. Justice Devan Ramachandran was hearing a petition filed by investor Ali Sabri alleging his properties were confiscated and accounts frozen.

The court expressed concern over the ED's prolonged inquiry and asked what the agency was doing. The ED, had in its affidavit, cited evidence of Sabri's involvement in bank-related irregularities. The court asked about this while considering the case.

Despite the ED's assurance of nearing the investigation's conclusion, the court criticized the delays, emphasizing the impact on investors. The court demanded a time-bound investigation to ensure accountability and alleviate concerns of affected parties.

Meanwhile, the ED disclosed details of Sabri's alleged misconduct, including acquiring land in his wife's name, obtaining loans from Karuvannur Bank, and diverting funds for personal gains. The agency highlighted Sabri's loan acquisitions totalling Rs 6.60 crore, implicating him in financial mismanagement.

The court instructed the ED to expedite proceedings and present the charge sheet promptly. The ED affirmed progress in arrests and vowed to continue investigations diligently. The case will resume in two weeks for further proceedings.