THIRUVANANTHAPURAM: Muttathara Service Cooperative Bank, which was under CPM's control, has been dissolved following allegations of corruption. The bank was dissolved by Minister VN Vasavan after an investigation by the Registrar of Co-operatives found irregularities.

There are reports that there has been a big irregularity in gold mortgage loan and land mortgage loan. The secretary was suspended after a preliminary inquiry following the allegations.

The investigation conducted by the registrar unearthed a fraud of Rs 14 crores. The governing body said that there is no irregularity and that the investors' money would be returned.