A Rs 100 crore scam has been reported in a cooperative bank controlled by members of the ruling communist party in Kerala. As per an Asia Net report, a case of financial mishandling between 2014-2020 has come to the fore at Karuvannur Service Cooperative Bank.
The governing committee of the bank with 12 CPM members has been disbanded after the details of the scam were released in the public domain. The Iringalakuda police has registered a case against six employees including the bank secretary.
As per reports, the account holders who took loans from the bank received an eviction notice even after repaying the loan amount. When a complaint was filed in this regard it was revealed that one more loan was taken on their mortgaged property and the money they were paying as repayment was going to a shadow account. Around 46 people complained about the same.
Additionally, 23 crore rupees were found in an account operated by one Kiran. In another case, a woman named Sayilakshmi had no idea that her house was mortgaged against a loan of Rs 3 crore.
The Bhartiya Janata Party’s state unit has lodged a complaint with Enforcement Directorate and the Income Tax Department. They have also alleged the involvement of top CPM leaders in the scam.
In 2019 too there were complaints filed against the same bank alleging fraud.
CPM’s involvement in scams and harassment
In June this year, Communist Party of India (Marxist) leader and party’s social media cell member Arjun Ayanki was arrested by the Customs Department in Kerala’s Kochi for his involvement in a gold smuggling case.
As the CPM leaders find themselves entangled in cases of fraud, smuggling, murder and sexual violence, more and more businesses and industries are quietly exiting the state. Kitex Group- the world’s second-largest kids’ apparel manufacturer recently exited the state of Kerala citing harassment. Just before the announcement of withdrawal was made, Sabu said 11 teams of officers from various departments raided the company in the last month, including teams from the Department of labour, factories and boilers, and even a team led by the district collector.
