Cooperative division ignored studies on irregularities in Karuvannur financial institution: Panel 

Express News Service

THRISSUR: Amid the Enforcement Directorate probe into the alleged cash laundering on the Karuvannur Service Cooperative Bank, it has emerged that the ultimate report filed by a high-level committee had highlighted the cooperative division’s failure to determine the magnitude of monetary irregularities on the financial institution. The report, filed in 2022 by the nine-member committee that was appointed by the federal government to look into the discrepancies within the financial institution, additionally stated officers proper from the joint registrar stage tried to hush up the monetary fraud regardless of a number of studies by the auditor.

As per the report, a duplicate of which is with TNIE, although the financial institution was primarily shaped to assist farmers by giving them agriculture loans, it granted simply three per cent of the full loans below the class.

It stated the assistant registrar (common), Mukundapuram, and joint registrar (common), Thrissur, didn’t observe their superiors’ directions like correctly reporting irregularities and submitting an evidence when requested concerning the lapses. Though 16 officers allegedly chargeable for the current situation of the financial institution had been suspended, they had been reinstated saying no proof was discovered towards them. 

The report stated the concurrent auditor had submitted particular studies on the irregular monetary transactions by the financial institution in 2014-15 and 2015-16. It is alleged that in 2018, then assistant registrar (common), Mukundapuram, submitted a report falsely claiming that the issues throughout the financial institution had been partially resolved and the remaining might be resolved immediately. This was allegedly carried out to stop additional probe. 

The report additionally stated T R Sunilkumar, the financial institution’s former secretary, was appointed in violation of norms. Sunilkumar, who was the financial institution’s supervisor, was promoted to the secretary submit in eight years.

Shaju T Okay, one of many complainants, alleged that many of the officers who tried to cowl up the irregularities had been members of the Left-backed Kerala NGO Union. 

“Despite the special committee’s report, all the suspended officers, except those who retired, were reinstated. While depositors are made to wait for their token numbers at the bank’s branches, the officials retired with full benefits,” stated Shaju, expressing confidence that the retired officers received’t escape the ED probe.

Established on November 5, 1922, the Karuvannur financial institution has branches in Porathissery, Mapranam, Moorkkanad and Kuzhikattukonam, moreover an extension counter on the civil station within the district. Over the years, the financial institution additionally managed three Neethi shops at Mapranam, Puthanthodu and Porathissery and as many supermarkets at Mapranam, Karuvannur and Moorkkanad. A fertiliser depot, dealership of Rubco merchandise and a paper bag making unit by girls had been additionally among the many financial institution’s property.

PARTY WILL STAND WITH ARAVINDAKSHAN: GOVINDAN 

CPM state secretary M V Govindan stated the occasion stands with P R Aravindakshan. He stated the occasion views his arrest as vendetta as he had revealed that he was crushed up and threatened by ED officers. “Now, it seems ED officials are on a witch hunt so that they can lay their hands on CPM. It is a deliberate attempt to destroy the cooperative sector in the state and the agency is being used as a tool to for this,” Govindan instructed reporters in Taliparamba. CPM has determined to not bow right down to ED’s strain ways, he stated.

THRISSUR: Amid the Enforcement Directorate probe into the alleged cash laundering on the Karuvannur Service Cooperative Bank, it has emerged that the ultimate report filed by a high-level committee had highlighted the cooperative division’s failure to determine the magnitude of monetary irregularities on the financial institution. The report, filed in 2022 by the nine-member committee that was appointed by the federal government to look into the discrepancies within the financial institution, additionally stated officers proper from the joint registrar stage tried to hush up the monetary fraud regardless of a number of studies by the auditor.

As per the report, a duplicate of which is with TNIE, although the financial institution was primarily shaped to assist farmers by giving them agriculture loans, it granted simply three per cent of the full loans below the class.

It stated the assistant registrar (common), Mukundapuram, and joint registrar (common), Thrissur, didn’t observe their superiors’ directions like correctly reporting irregularities and submitting an evidence when requested concerning the lapses. Though 16 officers allegedly chargeable for the current situation of the financial institution had been suspended, they had been reinstated saying no proof was discovered towards them. googletag.cmd.push(perform() googletag.show(‘div-gpt-ad-8052921-2’); );

The report stated the concurrent auditor had submitted particular studies on the irregular monetary transactions by the financial institution in 2014-15 and 2015-16. It is alleged that in 2018, then assistant registrar (common), Mukundapuram, submitted a report falsely claiming that the issues throughout the financial institution had been partially resolved and the remaining might be resolved immediately. This was allegedly carried out to stop additional probe. 

The report additionally stated T R Sunilkumar, the financial institution’s former secretary, was appointed in violation of norms. Sunilkumar, who was the financial institution’s supervisor, was promoted to the secretary submit in eight years.

Shaju T Okay, one of many complainants, alleged that many of the officers who tried to cowl up the irregularities had been members of the Left-backed Kerala NGO Union. 

“Despite the special committee’s report, all the suspended officers, except those who retired, were reinstated. While depositors are made to wait for their token numbers at the bank’s branches, the officials retired with full benefits,” stated Shaju, expressing confidence that the retired officers received’t escape the ED probe.

Established on November 5, 1922, the Karuvannur financial institution has branches in Porathissery, Mapranam, Moorkkanad and Kuzhikattukonam, moreover an extension counter on the civil station within the district. Over the years, the financial institution additionally managed three Neethi shops at Mapranam, Puthanthodu and Porathissery and as many supermarkets at Mapranam, Karuvannur and Moorkkanad. A fertiliser depot, dealership of Rubco merchandise and a paper bag making unit by girls had been additionally among the many financial institution’s property.

PARTY WILL STAND WITH ARAVINDAKSHAN: GOVINDAN 

CPM state secretary M V Govindan stated the occasion stands with P R Aravindakshan. He stated the occasion views his arrest as vendetta as he had revealed that he was crushed up and threatened by ED officers. “Now, it seems ED officials are on a witch hunt so that they can lay their hands on CPM. It is a deliberate attempt to destroy the cooperative sector in the state and the agency is being used as a tool to for this,” Govindan instructed reporters in Taliparamba. CPM has determined to not bow right down to ED’s strain ways, he stated.