Kochi: The Angamaly Urban Cooperative Society is facing serious allegations of fraud similar to the financial fraud at the Karuvannur cooperative Bank in Thrissur. 

Reports reveal that out of the Rs 120 crore in loans distributed by the group, Rs 97 crore were issued illegally. The Congress leadership, which headed the cooperative for years, is now on the defensive, much like the CPM in the Karuvannur case. Interestingly, the loans were issued to various political and business figures in Ernakulam. Furthermore, the majority of these borrowers defaulted on repayment. 

The Enforcement Directorate (ED) has issued a notice to the Administrative Committee overseeing the operations at the cooperative to provide detailed documentation concerning loans and financial records.

The fraud came to light earlier this year after a group of people received notice from a cooperative saying they defaulted in paying loans. 

Anoop Varghese has been confined at home for two decades after suffering an accident. He and four family members received loan repayment notices from the cooperative despite never having availed loans. 

Investigations revealed that the fraudulent loans had been taken in their names five years ago and renewed annually, with forged signatures and fingerprints on the documents. For four loans, the collateral was someone else's property.

A preliminary investigation led by the Joint Registrar General of the Ernakulam District cooperative Society uncovered severe irregularities dating back to 2018. A notable case involved a loan of Rs 33.86 crore given to a resident of Kothamangalam, with no repayments made. Additionally, a director of the cooperative borrowed Rs 2.5 crore in the name of his wife and others and has defaulted on that as well. Other fraudulent loans were made in the names of minors and deceased individuals, with only property document copies used as proof.