CPM leader's Rs 4.5 crore loan transferred to another bank near Karuvannur

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Recently, a loan of Rs. 4.5 crores of a local CPM leader in the Karuvannur bank was taken over by the bank in question. Both are controlled by the CPM.

Karuvannur Service Co-operative Bank | photo: Mathrubhumi

Thrissur: A BJP leader from Karalam here has filed a complaint with the Registrar of Co-operative Societies to look into the business of another bank in the nearby panchayat where the controversial Karuvannur bank is located.

Recently, a loan of Rs 4.5 crore of a local CPM leader taken from the Karuvannur bank was taken over by the bank in question. Both banks are controlled by the CPM.

The decision by the administration came amidst the bank suffers a huge loss. The CPM leader already has a loan of Rs 50 lakh in the bank. He is not repaying the loan timely, sources said.

The loan was transferred to the other bank in fear of enquiries into the dealings of the Karuvannur bank, it is learnt.

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