ED on Monday said its November 7 searches against board members and directors of Nemom Cooperative Bank in Thiruvananthapuram, associated with some CPM netas, have revealed misappropriation of funds to the tune of over Rs 50 crore, with then office-bearers found involved in forging documents, sanctioning loans beyond permissible limits, diverting funds and overall financial mismanagement, leading to the failure of the bank to honour deposit liabilities.
