Financial irregularities in Agrico: MP MK Raghavan booked
Kannur: Kannur town police registered a case against 13 people including MP MK Raghavan over financial irregularities in Agrico Society headquartered in Kannur.
They booked as per an investigation report filed by north zone cooperative vigilance DySP. Examining the report, the government directed the police to register a case against 13 people.
MP Raghavan served as president of Agrico founded in 2002. He continued in the post from 2002 to 2014.
A case was registered against them as the society had a liability of Rs 77 crore during their tenure. Agrico president, managing director Baiju Radhakirishnan and 11 others were found responsible for this.
The vigilance also observed that the society purchased land for pineapple farming and machines to make value added products without seeking permission from the registrar for the department of cooperation. It also found that the purchases were done without any transparency.
“The society is in debt following the financial irregularities. The loans taken for the operation is not paid yet. It affected the operations of Agrico. A case has been registered as per the report of the vigilance,” said police.
The investigation report of the vigilance also noted that the society received a deposit of around Rs 3.5 crore from 21 cooperative societies without seeking permission from government.
Responding to the case, MP MK Raghavan alleged that the case was politically motivated in the background of Lok Sabha polls.