Action against top brass of co-operative department in Karuvannur bank fraud case, says minister

THRISSUR: Co-operation Minister V N Vasavan said action will be taken against top officials of the co-operation department who helped the accused in the Karuvannur bank fraud case. The minister said the interim report of the government appointed ten-member panel was received last night and action will be taken against the top officials mentioned in the report today itself.

The remand report submitted in the Irinjalakuda Magistrate Court mentioned that the first accused Sunil Kumar was the main conspirator and while serving as the secretary for 21 years had cheated the bank. Another accused Kiran, who did not have a bank membership, was given a loan of Rs 23 crore by Sunil Kumar. The remand report also said membership was given to his loved ones without the knowledge of the administration panel and without the signature of the president and 28 loans of Rs 50 lakh were given through such fake accounts. There are 46 loans in the name of the fourth accused Kiran and his liability alone is around Rs 33.29 crore.