Kerala: People protest with physique of lady towards scam-hit Co-Op financial institution, triggers political row

By PTI

THRISSUR: A current sit-in protest by a gaggle of individuals, in entrance of a ruling CPI(M)-controlled co-operative financial institution with the physique of a lady, alleging that it denied cash for her therapy though the household had deposited lakhs of rupees there, has snowballed right into a political controversy, following which Kerala Social Justice Minister R Bindhu provided to help the depositors.

Bindhu, who represents Irinjalakuda within the state Assemby the place the financial institution is situated, mentioned the matter was taken up with Chief Minister Pinarayi Vijayan and Co-operative Minister V N Vasavan assured to provide Rs 25 crore to the financial institution instantly to resolve its points.

The Marxist party-controlled Karavannur Co-Operative financial institution, situated on this district, has been in information for the final one yr after a Rs 100 crore mortgage rip-off was reported there and likewise over the protest staged by buyers demanding their a reimbursement.

“As the bank is located in my constituency, it is my responsibility to stand with the affected people. The Co-operative minister informed that Rs 25 crore will be made available to the Karavannur Bank,” she instructed reporters right here.

Her assurance got here a day after she was broadly criticised for her feedback justifying the authorities of the scam-hit financial institution, saying it had already launched cash for the therapy of Philomina, a 70-year-old depositor who died early this week following an an infection in mind.

Bindhu had referred to as the protest ‘politically motivated’ and mentioned it was not proper to make use of an individual’s useless physique for political features.

“A section of media has showed only edited portions of my statement and presented it in a bad light,” she mentioned including that her remarks have been misinterpreted.

However, CPI, the second largest coalition companion within the Left Democratic Front (LDF), criticised the federal government for the delay in constituting a consortium as promised to guard the financial institution when the rip-off was detected a yr in the past.

“Since the beginning, the CPI has taken a stand that the deposits of the people should be protected and it should be given back to them on time. We also demanded that legal proceedings be initiated against the accused in the case,” CPI district secretary Ok Ok Valsaraj mentioned.

Members of political events protest exterior Karavannur Co-Operative financial institution. (Photo | EPS)

Following our stand, the minister had given assurance within the state Assembly that no depositor would lose their cash.

It is nearly a yr now however the assurance to type a consortium to deal with the considerations of depositors is but to be fulfilled, he mentioned and requested the involved ministers to hurry up steps on this regard.

Meanwhile, Leader of Opposition within the state Assembly, V D Satheesan mentioned it was not simply the problem of Karavannur co-operative financial institution, however depositors of as many as 164 such banks throughout Kerala are dealing with critical circumstance of not getting their invested a reimbursement.

“For the last one year, the opposition UDF has been demanding guarantee for the money deposited in co-operative banks. Despite mere assurances that necessary steps will be taken in this regard, the government has not taken any action so far,” he mentioned.

Targeting Minister Bindu over her remarks on Philomina’s demise, Satheesan mentioned it was “unfortunate” and “condemnable”.

He additionally urged the Left authorities to provide assurances to the depositors of all of the 164 co-operative banks, that are in disaster, to get their deposit again on the earliest.

An alleged Rs 100 crore mortgage rip-off was reported in Karavannur co-operative financial institution right here in July 2021, following which a case was registered towards six financial institution officers and inquiry launched.

After a number of folks together with native prospects raised apprehensions in regards to the financial institution’s functioning, an audit was carried out there lately, during which the costs have been reportedly discovered to be true.

During the inspection, it was additionally discovered that loans have been sanctioned on the property pledged by native prospects with out their data and the mortgage quantity was credited a number of occasions to the chosen account.

Following the allegations, the 13-member committee of the Marxist party-ruled financial institution was disbanded.

THRISSUR: A current sit-in protest by a gaggle of individuals, in entrance of a ruling CPI(M)-controlled co-operative financial institution with the physique of a lady, alleging that it denied cash for her therapy though the household had deposited lakhs of rupees there, has snowballed right into a political controversy, following which Kerala Social Justice Minister R Bindhu provided to help the depositors.

Bindhu, who represents Irinjalakuda within the state Assemby the place the financial institution is situated, mentioned the matter was taken up with Chief Minister Pinarayi Vijayan and Co-operative Minister V N Vasavan assured to provide Rs 25 crore to the financial institution instantly to resolve its points.

The Marxist party-controlled Karavannur Co-Operative financial institution, situated on this district, has been in information for the final one yr after a Rs 100 crore mortgage rip-off was reported there and likewise over the protest staged by buyers demanding their a reimbursement.

“As the bank is located in my constituency, it is my responsibility to stand with the affected people. The Co-operative minister informed that Rs 25 crore will be made available to the Karavannur Bank,” she instructed reporters right here.

Her assurance got here a day after she was broadly criticised for her feedback justifying the authorities of the scam-hit financial institution, saying it had already launched cash for the therapy of Philomina, a 70-year-old depositor who died early this week following an an infection in mind.

Bindhu had referred to as the protest ‘politically motivated’ and mentioned it was not proper to make use of an individual’s useless physique for political features.

“A section of media has showed only edited portions of my statement and presented it in a bad light,” she mentioned including that her remarks have been misinterpreted.

However, CPI, the second largest coalition companion within the Left Democratic Front (LDF), criticised the federal government for the delay in constituting a consortium as promised to guard the financial institution when the rip-off was detected a yr in the past.

“Since the beginning, the CPI has taken a stand that the deposits of the people should be protected and it should be given back to them on time. We also demanded that legal proceedings be initiated against the accused in the case,” CPI district secretary Ok Ok Valsaraj mentioned.

Members of political events protest exterior Karavannur Co-Operative financial institution. (Photo | EPS)

Following our stand, the minister had given assurance within the state Assembly that no depositor would lose their cash.

It is nearly a yr now however the assurance to type a consortium to deal with the considerations of depositors is but to be fulfilled, he mentioned and requested the involved ministers to hurry up steps on this regard.

Meanwhile, Leader of Opposition within the state Assembly, V D Satheesan mentioned it was not simply the problem of Karavannur co-operative financial institution, however depositors of as many as 164 such banks throughout Kerala are dealing with critical circumstance of not getting their invested a reimbursement.

“For the last one year, the opposition UDF has been demanding guarantee for the money deposited in co-operative banks. Despite mere assurances that necessary steps will be taken in this regard, the government has not taken any action so far,” he mentioned.

Targeting Minister Bindu over her remarks on Philomina’s demise, Satheesan mentioned it was “unfortunate” and “condemnable”.

He additionally urged the Left authorities to provide assurances to the depositors of all of the 164 co-operative banks, that are in disaster, to get their deposit again on the earliest.

An alleged Rs 100 crore mortgage rip-off was reported in Karavannur co-operative financial institution right here in July 2021, following which a case was registered towards six financial institution officers and inquiry launched.

After a number of folks together with native prospects raised apprehensions in regards to the financial institution’s functioning, an audit was carried out there lately, during which the costs have been reportedly discovered to be true.

During the inspection, it was additionally discovered that loans have been sanctioned on the property pledged by native prospects with out their data and the mortgage quantity was credited a number of occasions to the chosen account.

Following the allegations, the 13-member committee of the Marxist party-ruled financial institution was disbanded.