THRISSUR: A resort owner has come up with a shocking allegation of fraud committed by Kuttanellur Cooperative Bank that is ruled by CPM. According to the allegation, more than Rs 1 crore was siphoned by overwriting the amount on the mortgage. It is alleged that the bank officials heinously wrote a loan of 1.60 crores on the land mortgaged for Rs 60 lakh.

Rayirath Sudhakaran, the owner of the resort, alleged in a press conference that the fraud was done with the connivance of the bank employees using the fake addresses of four people. The fraud was related to the sale of the resort. At the time of sale, the owner was having a liability of Rs.72.5 lakhs with another bank.

Rayirath also mentioned one Anil P. Menon, a native of Mala, who had approached him saying he would buy the resort for three and a half crores after settling the liability. Anil later beseeched Rayirath to take a joint loan from Kuttanellur mentioning his influence in the cooperative bank.

The loan was taken in the name of Anil, his wife Mini and Sudhakaran in August 2016. A loan of Rs 50 lakh was sanctioned in the name of Anil and his wife and Rs 10 lakh in the name of Sudhakaran. All records of the resort were submitted to the cooperative bank for sanctioning of the loan.

The resort had a building area of ​​10,000 square feet and 80 cents of land. The documents were signed for a loan of Rs 60 lakh. Another crore rupees loan was sanctioned to a fake address without Rayirath's knowledge. When the interest was paid, the receipt was issued in the name of a person with a false address. It was only when he got the credit certificate that it was learned that the loan was granted in the name of some others.

The bank officials said they would fix everything but later relented. A complaint was also filed with the police. Anil was later seen at the CPM district secretary’s office for mediation talks. Sudhakaran accused Anil of agreeing to return the amount but to no avail. The bank however denied the allegation. Officials clarified that loans were not given to fake addresses.