Loan fraud: Director board of Karuvannur Co-operative Bank dissolved; administrator rule imposed

THRISSUR: The CPM-led Karuvannur Co-operative Bank director board has been dissolved following allegations of loan fraud. After dissolving the director board led by CPM local leader KK Divakaran, the District Registrar decided to impose administrator rule at the bank. Mukundapuram Assistant Registrar (General) M.C. Ajith has been appointed as the administrator.

Widespread irregularities were found in the investigation conducted by the Co-operation Department and the party level on allegations raised in connection with the loan fraud. Following this, four employees, including the bank secretary, were suspended.