Karuvannur Cooperative Bank fraud: Rs 125.84 cr to be confiscated

THRISSUR: In the Karuvannur Cooperative Bank fraud, collector VR Krishna Teja has ordered the confiscation of 125.84 crores from 25 people, including former board members. This is based on the report of the Joint Registrar of Cooperatives.

The amount will be recovered from 20 ex-directors, ex-secretary, ex-manager, ex-accountant etc. who were in charge during the period the fraud was committed. Revenue officials have been assigned for this purpose. Time will be given for payment. If the money is not paid within that time, confiscation proceedings will be initiated. This is the biggest revenue recovery in the history of the cooperative institutions in Kerala.

TR Sunilkumar (Ex-Secretary), MK Biju (Ex-Manager), CK Gilles (Ex-Accountant), AK Bijoy (Ex-Commission Agent) and KM Mohanan (Fertilizer Depot Operator) are the employees. Others were directors during the period of the fraud. Since TR Bharathan and Sumathi Gopalakrishnan are dead, the heirs will be charged as parties.

Karuvannur Bank was the biggest fraud in the cooperative societies in Kerala. This is the bank ruled by CPM. Thousands of people who deposited money in the bank are yet to get their money back. As per estimates, a fraud of around Rs 300 crores has taken place.

Amount charged

MK Biju ................................................ Rs 12.26 crores

T.R. Sunil Kumar .............................Rs 11.35 crores

KV Sugathan,

V.K. Lalithan,

MB Dinesh,

TS Baiju .......................................... Rs 10.29 crores each

KK Divakaran .....................................Rs 10.25 crores

T.R. Bharathan................................................... Rs 8.33 crores

Jijo, Jose,

Mini Nandanan,
A.M. Azeem,

N. Narayan,
Ambili Mahesh................................................... Rs 7.56 each

Sumathi Gopalakrishnan...............................Rs 6.11 crores

Chandrika Gopalakrishnan,

Anita Vidyasagar,
E.C. Anto,

Mahesh Korambil,

Kader Hussain,
T.R. Paul...................................................Rs 2.74 crore each

Shalini......................................................................Rs 38.31 lakhs
A.K. Bejoy ................................................Rs 20.72 lakh
C.K. Jills......................................................Rs 19.91 lakhs
K.M. Mohanan............................................. Rs 4,449.