KASARAGOD: A case has been filed against a cooperative bank secretary for taking a gold mortgage loan of Rs 4.76 crore by deceiving all other bank members. Karmaonthody native K Ratheeshan is the accused in the case. Adhur police have registered a case in this regard.

The police action came after considering the complaint filed by the president of the cooperative bank K Supy, a native of Kinningar. In the wake of the allegation, K Ratheesan, a CPM Mulleria local committee member, was suspended from the party. Ratheeshan is now at large.

A huge irregularity was found in the CPM-controlled Karadka Agriculturist Welfare Corporate Society. A fraud of Rs 4,75,99,907 was found in the preliminary investigation and it was learned that up to seven lakh rupees were sanctioned without collateral gold.

The loans have been disbursed in several instalments since January. The irregularity was found during the inspection of the cooperation department. The information was conveyed to the governing body and instructions were given to file the case. However, some reports also state that the secretary has furtively informed the members about repaying the whole amount within a week.