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

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By Categorical Information Service

THRISSUR: An alleged Rs 100-crore fraud has been reported on the Karuvannur Co-operative Society Financial institution in Irinjalakuda right here. The police registered a case towards 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 particular person, named Kiran, however via 46 totally different accounts. It’s alleged Kiran had pocketed the remainder of the quantity as properly.After a number of individuals raised doubts in regards to the financial institution’s functioning, an audit was performed on the financial institution and the fees 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 data and the mortgage quantity was credited a number of occasions to the chosen accounts.

Financial institution secretary T R Sunilkumar is a neighborhood chief of the CPM whereas the committee has different members owing allegiance to the get together. Congress and BJP have sought an investigation into the difficulty. BJP district president Ok Ok Aneeshkumar alleged Rs 300 crore was disbursed as loans via numerous accounts.

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