92 lakh loan fraud in Ayyanthole Cooperative Bank

THRISSUR: Information has come out that a loan was given under a fake address from Ayanthole Co-operative Bank, where the documents were seized by the ED raid, in connection with the Karuvannur fraud case. In 2017, a loan of Rs 92 lakh was given in violation of the norms in the name of an elderly couple who are not residents of the bank limits. The couple realized the fraud when they received an attachment notice for defaulting on repayments, incurring a liability of 1.3 crores including interest. A stay was obtained from the court.

Retired deputy tehsildar Kuttikrishnan and his wife Sharada, a retired teacher, from Thrissur Chittilappilly belonging to the scheduled caste category, are the ones who were scammed. The couple says that it was Malappuram Alakode Abubakar who took the loan by giving their land as collateral. After paying Rs 25 lakh to the couple, he took the remaining amount. Abubakar said that he would pay the balance within a year, but he did not. Abubakar paid only one instalment.

28.5 cents of land in the name of Sharada in Chittilappilly was given as collateral. Abubakar convinced the couple who were in financial difficulty to take a loan by assuring them that he would buy 10 cents for 7 lakhs rupees per cent. Abubakar gained credibility for this by paying off the loan liability of 10 lakhs that the couple had taken earlier from the Thrissur Amalnagar District Service Cooperative Bank. They lodged a complaint with the police and ED against the then-bank secretary for violating the norms and against Abubakar for committing fraud. The couple says that they met Abubakar through Rafi, a native of Malappuram, whom they met during treatment at an Ayurveda treatment centre in Wadakkancherry.

Loan in one day

The couple are not residents of the bank limits. Abubakar got the loan approved in one day by giving a fake address in Thrissur Olari on their behalf. It is alleged that the bank granted the loan without checking whether the couple is a resident of this address and without checking the documents. Their real address was sought and a confiscation notice was issued when the repayment stopped.