Former minister V S Sivakumar named third accused in deposit fraud; police register case

THIRUVANANTHAPURAM: Police have registered a case against former minister and Congress leader V S Sivakumar following a complaint lodged by a depositor. Sivakumar has been named the third accused in the Unemployees Social Welfare Cooperative Society fraud case. Karamana police registered the case based on a complaint lodged by Santhivila native Madhusoodhanan.

In his complaint, Madhusoodhanan alleged that he deposited Rs 10 lakhs in the bank after Sivakumar asked him to do so. The complaint also stated that Sivakumar said he was helpless when the cooperative society incurred losses. More than 300 people have to receive around Rs 13 crore from the branches of the society. Society president Rajendran Nair is the first accused in the case. Former secretary Neelakandan is the second accused. Those who lost the money are alleging that Rajendran Nair is a benami of VS Sivakumar.

Depositors who lost their money had staged a protest in front of VS Sivakumar's house. Those who had deposited money in the branches at Killipalam, Vellayani and Nemom were the victims of the fraud.