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Cooperative bank fraud does not end, Kandala the latest under CPI

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Cooperative bank fraud does not end, Kandala the latest under CPI. BJP adalat assures relief to victims.

Optimists who read about the fraud at the Karuvannur Cooperative Bank believed it was an isolated incident and that most banks in other parts of the State were safe. But this high doesn’t last long. At Thiruvananthapuram the most recent fraud took place at Kandala.

When Karuvannur Cooperative Bank fraud hit the headlines. Some optimists believed that it was an isolated incident and most of the banks in other parts of the State were safe and foolproof.

Some thought, it was a Communist Party of India (Marxist) phenomenon. But, this euphoria does not last long. The latest fraud is reported from Kandala, Thiruvananthapuram.

The Cooperative Society Inspector has submitted a report which reportedly demands the recovery of Rs 5.11 crore from Bhasurangan.

CPI leader and former bank president, in view of finding large-scale irregularities in the CPI- controlled Kandala Service Cooperative Bank, Thiruvananthapuram district.

The report is said to have found that a total of Rs 34.43 crore was disbursed irregularly. It was in the form of unfair loans to the former president, his family members, bank employees and their relatives.

The report finds the worst fraud and hence recommends charging members of the governing body in the wake of their involvement. The report says the massive scam resulted from improper financial activities by the members of the governing body.

Investors are alleged to have incurred the losses totalling Rs 101 crore; Rs 57.24 crore is attributed to the unlawful activities alone. Bhasurangan, CPI leader and former president of the bank for several decades together, and his relatives are alleged to have acquired loans worth Rs 35 crore from the bank.

The Cooperative Society Inspector’s report is said to have stated that these sorts of ‘off-the-track banking’ are the root cause of the disaster the bank faces.

It also reportedly says that deposits were accepted at an interest rate exceeding Government-prescribed limits; funds were diverted. And investors were paid substantial interests in connection with these activities.

Now, the members of the board of directors and secretaries who had served since 2003 are bound to reimburse the bank to compensate the losses incurred.

The media says, the report also underlines the need to pursue maximum penalties. According to the rules and regulations of the Kerala Cooperative Societies Act, against the guilty.

There are reports of giving more than one loan against a single title deed. Valuation of the land also was reportedly not transparent. And bank lost due to no arbitration action to collect the loan arrears.

Meanwhile, BJP leadership conducted an adalat in connection with the Kandala Cooperative Bank Scam. It is reported that more than 500 ‘losers’ participated. They submitted their complaints and related documents.

They consisted of several old people and women. Each of them explained their plight and the financial and social embarrassments they had to undergo due to the bank crisis. BJP State President K Surendran heard all of them with utmost patience and consoled them.

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Some people had deposited their entire savings for their daughters’ weddings and their daily bread during the future ‘rainy days’. The funds consisted of the benefits they got when they retired and the funds they saved while working abroad.

Hundreds of them have not received their fixed deposits after their maturity. BJP leaders in the Kandala area have declared that they would stand with the losers through thick and thin. National-level legal experts were also present in the adalat.

The ‘losers’ have been staging dharna in front of the Thoongampara Bank, the main branch of the Kandala Cooperative Bank. The number of participants in that agitation was hardly 100.

Now, BJP President K Surendran has assured more than 500 hundred aggrieved depositors during the adalath that a solution to their issues would be found after the legal team examines their documents.

BJP National Executive member P K Krishnadas, Thiruvananthapuram district president Adv V V Rajesh, lawyers and experts from the cooperative sector were present in the adalat.

Kandala Bank issue shows that CPI leaders are also getting involved in cooperative bank irregularities. There are allegations against a Milk Society also where Bhasurangan is a member.

The allegation is against distributing loans at lower interest rates. Another allegation is about the hospital launched by Kandala Bank. It is about creating unauthorised vacancies and appointing against payments.

Cooperative bank fraud

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Courtesy: organiser.org, This article was originally published on organiser.org

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