Rs 100 crore fraud at Karuvannur co-op financial institution dominated by CPM

By Express News Service
THRISSUR: An alleged Rs 100-crore fraud has been reported on the Karuvannur Co-operative Society Bank in Irinjalakuda right here. The police registered a case in opposition to six financial institution officers together with secretary and have launched a probe. The joint registrar of the cooperative division has sought a proof from the executive committee of the financial institution, dominated by the CPM.

The fraud got here to gentle after the financial institution sanctioned Rs 94 as loans not too long ago. It was discovered that of that sum, Rs 21 crore was given to 1 individual, named Kiran, however by 46 totally different accounts. It is alleged Kiran had pocketed the remainder of the quantity as properly.After a number of folks raised doubts concerning the financial institution’s functioning, an audit was performed on the financial institution and the costs have been discovered to be true. It was additionally discovered that the loans have been sanctioned on the property pledged by native prospects with out their information and the mortgage quantity was credited a number of occasions to the chosen accounts.

Bank secretary T R Sunilkumar is a neighborhood chief of the CPM whereas the committee has different members owing allegiance to the celebration. Congress and BJP have sought an investigation into the problem. BJP district president Okay Okay Aneeshkumar alleged Rs 300 crore was disbursed as loans by numerous accounts.