Widespread irregularities in functioning of Peravoor society; scam was not limited to chit funds, says investigation report

KANNUR: It has been found that widespread irregularities had taken place in the functioning of CPM-controlled Peravoor House Building Society. Apart from the chit scam, the cooperative department has also found irregularities in the manufacture of leather bags. It has also been found that the society is liable for giving loans without adequate collateral. As per the statement given by secretary PV Haridas, all decisions of the Society were made with the knowledge of the governing administrative body.

The investigation report will be soon handed over to the Joint Registrar. Assistant Registrar K Pradosh Kumar told the media that the report would recommend recovery of the money from the swindlers.