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Kerala Kaumudi Online
Wednesday, 19 June 2024 8.33 PM IST

Three close associates of estranged bank secretary arrested in Karadka loan fraud

karadka-loan-fraud-arrest

KASARAGOD: Three people were arrested on Thursday for the Karadka Agriculturist Welfare Cooperative Society fraud. Anil Kumar (55) from Nellikatta, Ghafoor (26) from Parakalai, and Basheer (60) from Movval were arrested.

All the arrested are partners in the real estate business led by K Ratheeshan, the estranged CPM leader and the main accused in the loan fraud. It was these three people who mortgaged the gold, smuggled by Ratheeshan from the society. The police also found the receipt of money transferred by the bank secretary Ratheeshan to the three people. It is now reported that Ratheeshan, who was found to have sought asylum in Hassan, Karnataka, has yet again eloped from the state.

Three days back, a case was filed against a cooperative bank secretary for taking a gold mortgage loan of Rs 4.76 crore by deceiving all other bank members. Karmaonthody native K Ratheeshan is the accused in the case. Adhur police have registered a case in this regard.

The police action came after considering the complaint filed by the president of the cooperative bank K Supy, a native of Kinningar. In the wake of the allegation, K Ratheesan, a CPM Mulleria local committee member, was suspended from the party. Ratheeshan continues to be at large.

A huge irregularity was found in the CPM-controlled Karadka Agriculturist Welfare Corporate Society. A fraud of Rs 4,75,99,907 was found in the preliminary investigation and it was learned that up to seven lakh rupees were sanctioned without collateral gold.

The loans have been disbursed in several instalments since January. The irregularity was found during the inspection of the cooperation department. The information was conveyed to the governing body and instructions were given to file the case. However, some reports also state that the secretary has furtively informed the members about repaying the whole amount within a week.

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