THRISSUR: Three among the accused in the Karuvannur bank fraud case are CPM members. Two of them are party local committee members. The information that the accused-- former manager Biju Kareem, former secretary T R Sunil Kumar, and chief accountant C K Jills are party members, is out. Biju Kareem is CPM Porathisseri local committee member and T R Sunil Kumar is Karuvannur local committee member.

A massive loan fraud of Rs 100 crore was noticed in the Karivannur Co-operative Bank. The bank has been involved in massive frauds including the transfer of loans taken on the documents of 46 persons to an individual's account.

The bank was headed by CPM-led board of directors. Following the finding of the fraud information, the 13-member governing council was dissolved. The Irinjalakuda police have registered a case against six employees including the bank secretary.

The BJP had levelled allegations that the bank had given huge loans on commission basis. The party also alleged that a commission of 10 per cent was levied on each loan and that the money was raised to build a resort in Thekkady through former branch manager Biju.

The locals had come to the fore with fraud allegations against the bank in 2019. Following that, a probe was conducted by the registrar and revelation of massive fraud information came out. Karuvannur Bank has been accused of defrauding crores of rupees by re-lending the same items and transferring money to various accounts.