Another cooperative bank scam surfaces in Kerala, and the CPI(M) leader is on the run. This time, it is in the Karadka Agriculturist Cooperative Society in Kerala’s Kasargod. The bank reported a Rs 4.76 crore gold loan in the members’ name without their knowledge. The fraud was exposed during the cooperative department’s examination of the accounts. They immediately informed the Governing Board and asked them to proceed with the litigation.
Police have registered a non-bailable case against Society Secretary K Ratheesan, who is also the CPM Local Committee Secretary. Ratheesan went into hiding as soon as the case was registered. The case was registered on the basis of the complaint lodged by Bank President K Sooppy of Belloor Kinninkar. The initial examination of the accounts revealed that Rs 4,75,99,907 had been swindled.
It is revealed that Rs 7 lakhs was loaned sans gold, even though it was called a ‘gold loan’. Loans have been sanctioned in several instalments since January 1.
Reports suggest that the absconding secretary has told some people that he would pay the money back in a week. However, the people in the surroundings do not take this statement seriously.
When these stories unfold, people are once again convinced that the cooperative bank establishments controlled by CPM do not have any credibility. The infamous Karuvannur bank fraud is worth Rs 343 crore. Enforcement Directorate (ED) interrogations of top CPM leaders are still going on. In this connection, the Income Tax department has frozen CPM’s account in the nationalised banks. ED took steps to freeze the bank accounts of A.C. Moideen MLA, senior CPM leader, former minister for Cooperation, and some of the accused in the scam.
Cooperative Bank scam of Kandala, Thiruvananthapuram, places CPI leader as the accused. It was a Rs 101 crore scam. The bank, controlled by CPI, did have senior CPI leader Bhasurangan at the helm.
Then how can Congress trail behind? Congress cooperative bank fraud was reported from Pulppalli Cooperative Bank, Wayanad district, the parliamentary constituency of Congress heir apparent Rahul Gandhi. The cheated man committed suicide, just like in Karuvannur. Several people were arrested, including a former Kerala Pradesh Congress Committee (KPCC) general secretary and a former woman secretary of the bank.
Now, people are compelled to believe that both the Left and Right Fronts are untrustworthy regarding cooperative movement. People even start to look at transparent cooperative banks with suspicion. Scepticism keeps on haunting them.
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