Scam worth Rs 100 crore in Karuvannur Cooperative bank; case registered against six including former secretary

IRINJALAKUDA: Iringalakuda police have registered a case against six persons, including a former secretary of the Karuvannur Service Co-operative Bank, for allegedly swindling more than Rs 100 crore at various times. The complaint was lodged by Srikala, the current secretary of the bank.

The case has been registered against former bank secretary Sunil Kumar, former branch manager Biju, former senior accountant Jils, contractors Kiran and Bijoy, and Reji Anil, an accountant at the supermarket under the bank.

It is learnt that the accused had used the title deed of the land which the borrowers mortgaged in the bank to take more loans without the knowledge of the borrowers. The 46 loans of Rs 50 lakh each were transferred to the same account of Kiran, a native of Perinjanam. The transactions were scrutinized following a complaint that the bank was not refunding regular depositors. The complaint also alleges irregularities in the purchase of goods to the supermarket under the bank.

The bank had suspended its employees, including the former secretary, following the discovery of irregularities. Later, a complaint was lodged with the police for further investigation. The police said that only through further investigation can they find out how much money was involved in the financial irregularities.