Karuvannur bank fraud: Administrator removed, replaced by three-member committee

THRISSUR: M C Ajith has been removed from the post of Karuvannur Co-operative Bank Administrator. A three-member committee has been appointed instead. An order in this regard has also been issued. The order mentioned that the present change is to make the governance more efficient.

In the meanwhile, both the BJP and the Congress came forward with allegations that the police are deliberately delaying the arrest of the accused in custody. They alleged that the crime branch is teaching the accused the statement with the support of the CPM. The four accused were taken into custody six days ago. The locals showed the hideout of the accused to the police. However, the crime branch explained that none of the accused are in custody. It was in this context that the Congress and the BJP came with the allegations that the case is being sabotaged.

However, the CPM said the allegations are totally baseless. The party said the crime branch is examining the bank documents as part of the investigation and would proceed with the arrest only after that. A fraud of more than Rs 300 crore was noticed in the bank which is under the control of the CPM for years.