Kerala police suspect a loan scam of nearly Rs 100 crore at the Karuvannur service co-operative bank- a service co-operative bank that is run by elected members of the left front. The incident came to light after a complaint was filed with the police on July 14, which informed about multiple loans were provided on the same documents. However, the case has now been handed over to the state crime branch.
An earlier departmental probe by Iringalakuda co-operative assistant registrar noticed several irregularities in the disbursal of loan above 50 lakhs. Former manager of the bank M K Biju is suspected as the main person behind the scam and an FIR has been registered under the IPC sections 406, punishment for criminal breach of trust,
420 for cheating, 409 for criminal breach of trust by public servant and 465, punishment for forgery.
Six people including the bank manager and former bank secretary are suspects in the case. When people approached the bank for loans using their property, a higher amount was sanctioned without their knowledge and the rest of the amount was diverted to the accounts of the suspects.
Meanwhile, the CPI(M) has been defensive as the scam details have come out, the party has constituted an enquiry committee which revealed that there were irregularities. District secretary of CPI(M), Thrissur said that there will be a party-level action against the accused as they have now received the enquiry committee report.
The opposition has alleged that CPI(M) has tried to hush the case and leader V D Satheeshan alleged that the misuse of funds by bank employees were with the support of party in the Thrissur district. He further alleged that the party was aware of the fraud but was not ready to report to the police and were trying to protect the culprits.
The departmental enquiry report was hidden and not revealed, he added.
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