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As back to back cooperative bank scams hit Kerala, People withdrawing deposits on a large scale from CPM controlled banks

WebdeskJul 27, 2021, 04:13 PM IST

As back to back cooperative bank scams hit Kerala, People withdrawing deposits on a large scale from CPM controlled banks

Web Desk


Multiple cooperative bank scams have been hitting Kerala for the last few days. Now, people are coming in large numbers to withdraw their deposits from CPM controlled cooperative banks. Reports suggest large a large scale withdrawal happened yesterday in the Malabar region. People are seen outside such banks violating all COVID protocols.

In Karuvannur Co-operative bank was a big scam has happened, people waiting for withdrawing money clashed and the Police had to intervene to control the situation. Now the bank officials are issuing 150 tokens per day and each individual can withdraw 10,000 rupees. In Thrissur also, after the news about a scam in CPM controlled co-operative bank came out people came in huge numbers.

Allegations of CPM controlled Cooperative bank used for money laundering, ED seeks report

In yet another incident that shows cooperative banks/societies being used by CPM for illegal purposes, the Enforcement Directorate has sought a report on the alleged money laundering at the CPM controlled Karuvannur cooperative bank. Reports suggest that Benami transactions worth crores had happened at the bank. ED’s initial investigation suggests that large-scale loans were given illegally. There is also an allegation about the money duped from the bank being used as CPM’s election fund. According to the latest calculation, the scam at Karuvannur cooperative bank is around Rs 300 crore. The initial estimate of the scam was at Rs 100 crore.

100 crore rupee scam hits CPM controlled cooperative bank in Kerala, BJP files complaint at ED

A 100 crore rupee fraud has been found in a cooperative bank in Kerala controlled by communists. The fraud happened at Karuvannur Service Cooperative bank from 2014 to 2020. The 12 member bank governing committee of CPM members was disbanded after the scam's details came out to the public domain. BJP has lodged complaints with ED and IT departments.

As per the reports, 23 crore rupees was found in an account operated by one Kiran. Even after paying the loan amount, many of the common people who took loans on their property received an eviction notice. When they filed a complaint, they realised that another loan was taken from their property, and the money they were paying was going to the shadow account. About 46 people encountered the same problem.

Cooperative societies and banks form the backbone of CPM in Kerala; hence, many illegal activities happen here. After the Union government announced the decision of creating a news ministry for cooperation, CPM leaders were quick to criticise the Union government due to the fear that any regulation on this sector could challenge the party’s existence.




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