Irregularities worth Rs 85 lakh in CPM ruled cooperative bank in Palakkad; police register case

PALAKKAD: A complaint surfaced on Tuesday alleging big irregularities in the CPM-ruled Co-operative Bank in Palakkad. According to the report of the assistant registrar of Alathur Cooperative Society, there was a loss of 85 lakh rupees in the Palakkad Thannirangad Service Cooperative Bank.

The Kuzhalmannnam police have registered a case against four employees, including the former branch secretary of the CPM. A case has been registered against Neethi store operator Sathyavan, bank secretary Jaya and employees Ajitha and Sudevan. The action was taken on the complaint of the cooperative society registrar. It is reported that they have caused losses to the bank due to irregularities in the management of Neethi Store.

They committed the irregularity from December 2021 to May 31, 2024. According to the FIR registered by the police, the employees misused their official position and caused a loss of Rs 85 lakhs to the bank. In the FIR, it is also stated that there was deliberate manipulation in the financial dealings.

But the bank management said that the bank had incurred a loss of only 21 lakh rupees. The Bank's Board of Directors informed that the loss incurred by the bank would be recovered from the first defendant, Sathyavan, and legal proceedings have already been initiated to confiscate Sathyavan's property. According to the bank officials, Sathyavan was removed from the post in 2021.