Former director board members put CPM on the defensive in Karuvannur fraud case, big loans were passed secretly

THRISSUR: The revelation of former directors has put the CPM on the defensive in the Karuvannur bank fraud case. Sugathan and Lalithan, CPI representatives and members of the board of directors, revealed that they were made scapegoats to save the big leaders of CPM and all loans above Rs 5 lakh were passed secretly. They also alleged that C K Chandran, a CPM district committee member, had party control over the bank.

They said they had not signed any big loans. After passing them secretly, only the president signs and enters them in the minutes book. They said the present investigation of the ED is proceeding in the right direction. The CPM leaders neglected them when went with the complaint after noticing the fraud. Lalithan and Sugathan also alleged that the CPI leaders also did not help them. There were three CPI representatives in the board of directors. They have also received a revenue recovery notice of Rs 8.5 crore.

Meantime, the crime branch investigation into the loan scam has not reached anywhere. Even after two years, not even a charge sheet has been filed in the case. The people said this happened as the top leaders of the CPM were involved in the case.