CPM directs district committees to submit report on cooperative societies

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Thiruvananthapuram: The CPM has directed the district committees to submit a report on the cooperative societies under the party. The government had evaluated that some people with vested interests are involved in corrupt activities. The party also directed to submit the report to the state committee within September 30.

The crucial decision was taken by the CPM state secretariat meeting that was convened by mid-July after the Karuvannur bank scam came to light. The party then directed all of its lower level committees to assess the activities of the cooperative banks under the party.

The CPM secretariat will take further action after receiving the report in this regard. With this move, it has become clear that the CPM has taken the issues related to Karuvannur bank seriously and that the party is proceeding with the corrective measures.

Meanwhile, the Crime Branch has initiated a probe into massive withdrawal of deposits from Karuvannur Service Cooperative Bank. It was found out that a sum of Rs 200 crores was withdrawn from the bank over a period of five years.

The Crime Branch suspects the role of administrative members over the incident. It is learnt that the administrative members directed their kins and kiths to withdraw money after realising that the bank may collapse soon.

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