THRISSUR: The Enforcement Directorate (ED) investigation in Karuvannur is progressing focusing on the fraud at the Rubco agency of the co-operative bank. The ED is looking into the links of the accused in the black money transaction case in custody with this fraud. Although the Cooperation Department High Committee sought a detailed investigation into this, it did not take place. The ED summoned Rubco MD Haridasan Nambiar for questioning based on this and based on the statement given by MV Suresh, the former manager of the bank's extension counter.

The committee found that there was no stock register in Rubco and the audit was unscientific. In the 2019-20 audit, the stock shortfall was recorded at 1.83 crores. The recommendation was to collect this amount from the bank secretary TR Sunilkumar. There was an arrear of Rs 3.06 crores by giving loans. It was found that there was an arrear of Rs 35,12,931 by lending furniture and an arrear of Rs 2,71,42,476 by lending mattresses. The committee came to the conclusion that despite receiving the money, it was shown that the money was given as a loan. Rs 53.48 lakhs shown in the audit report as received as purchase advance was not included in the figure.

Appointment of agent was illegal
It was found that Bijoy, the main link in the loan fraud, was appointed as a commission agent for the distribution of products without the permission of the department. The committee also found that although there will be 10 to 14 percent profit on distribution, the bank did not get even 3 percent after expenses.