Karuvannur: Kerala to witness largest recovery of state’s cooperative sector

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Karuvannur bank | Photo: Mathrubhumi

Thrissur: Efforts are underway to recover Rs 125.84 crore from 25 individuals, including former board members, involved in the multi-crore fraud at Karuvannur Cooperative Bank. The District Collector has taken the lead in initiating the necessary measures based on the report provided by the Co-operative Joint Registrar.

This marks the largest recovery of funds in the history of cooperative ventures in Kerala. The targeted amount will be collected from 20 former directors, ex-secretary, ex-manager, and ex-accountant and others. Revenue officers have been appointed to oversee and facilitate the recovery process.

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Name of Defendant and amount to be levied (in rupees)

Members of the Board of Directors:

KK Divakaran (Ex-President): 8,33,17,650

TR Paulose: 2,21,84,158

Khader Hussain: 2,21,84,158 T.S.

TS Baiju: 8,33,17,650

MB Dinesh: 8,33,17,650

TR Bharathan: 8,33,17,650

Mahesh Korambil: 2,21,84,158

VK Lalithan: 8,33,17,650

EC Anto: 2,21,84,158

KV Sugathan: 8,33,17,650

Anita Vidyasagar: 2,21,84,158

Chandrika Gopalakrishnan: 2,21,84,158

Shalini: 31,00,568

N Narayanan: 6,11,33,491

AM Aslam: 6,11,33,491

Jose Chakrampulli: 6,11,33,491

AM Jijoraj: 6,11,33,491

Ambili Mahesh: 6,11,33,491

Sumathi Gopalakrishnan: 6,11,33,491

Mini Nandanan: 6,11,33,491


TR Sunil Kumar: (Ex-Secretary) 9,18,50,835

MK Biju (Ex-Manager): 9,91,96,574

CK Jills: (Ex Accountant): 16,11,645

AK Bijoy (Ex-Commission Agent): 16,77,055

KM Mohanan (Fertilizer Depot Operator): 4,449.

Since TR Bharatan and Sumathi Gopalakrishnan are dead, their heirs will be joined as parties and the money will be collected.

Around 11,000 individuals are affected in the multi-crore scam in which the bank board members, staff allegedly swindled money invested by the general public. The first case was registered on July 17, 2021 by Irinjalakuda police. It was later handed over to the Crime Branch, which has concluded its probe. Enforcement Directorate is also investigating the case. The state government announced a consortium for relief. It also assured that no one will lose a single penny.

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