The CPM’s cooperative fraud has claimed yet another victim in Kerala. This reveals the growing crisis in Kerala’s cooperative banking sector, Sabu, an investor in the CPM-controlled Kattappana Rural Development Cooperative Society in Idukki district, took his own life in front of the bank on 20 December. The 53-year-old, who ran a ladies’ store in Kattappana, was reportedly driven to despair after repeated attempts to recover his deposited money failed.
Desperate Pleas Ignored
Sabu had deposited ₹35 lakh in the cooperative bank, of which he was able to recover only ₹14 lakh. His repeated requests for the remaining amount were met with refusals, as bank authorities claimed the institution was in financial distress. On the day of his death, Sabu approached the bank yet again, hoping to retrieve funds to pay for his wife Marykkutty’s medical treatment. She is currently hospitalised with a serious illness.
According to Marykutty, Sabu faced humiliation and verbal abuse each time he sought help from bank employees. In his suicide note, Sabu named the bank secretary, Reji, and employees Sujamol and Binoy as responsible for his death, alleging that they insulted, physically pushed, and verbally abused him when he requested his money. His final words included a heartfelt plea that no one else should have to endure the same experience.
The incident sparked widespread protests in Kattappana. The BJP, Congress, and local merchants’ organisations staged a demonstration outside the bank, demanding justice for Sabu. A hartal called by the BJP and Congress on 20 December saw strong public participation, demanding accountability for the Communist mismanagement of state finances. Furthermore, the protesters highlighted corruption in P. Vijayan’s Communist government and its lack of vision in effectively utilising the state’s rich, hardworking human resources.
Protesters initially prevented Sabu’s body from being removed from the bank premises, insisting on action against those named in his suicide note. The police eventually agreed to arrest the accused individuals, ensuring accountability in the wake of the tragedy.
A Pattern of Cooperative Bank Frauds
The Kattappana case is the latest in a series of cooperative bank frauds plaguing Kerala. The infamous Karuvannur Bank fraud, involving ₹300 crore, remains a stark reminder of the systemic issues in the state’s cooperative banking sector.
Sabu’s suicide serves as a grim warning about the dangers of the Communist government’s financial mismanagement and fraud in cooperative institutions.
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