Palakkad: A CPM-controlled cooperative bank in Palakkad is under scrutiny after a report from the Alathur Cooperative Society Assistant Registrar exposed irregularities amounting to ₹85 lakh. The report states that Thannirangad Service Coperative Bank in Palakkad suffered a loss of ₹85 lakh. Based on these findings, the Kuzhalmandam Police have registered a case against four employees, including the former branch secretary of the CPM. 

The accused in the case are Neethi Store operator Sathyavan, bank secretary Jaya, and employees Ajitha and Sudevan. The case was registered based on a complaint by the Cooperative Society Registrar.

Reports indicate that the bank incurred losses due to irregularities in the operation of Neethi Store. According to the police FIR, the employees allegedly misused their official positions and committed irregularities in the operation of Neethi Store between December 2021 and May 2024. It also states that financial records were deliberately manipulated and falsified, leading to substantial losses for the bank.

However, the bank’s board of directors claims that the actual loss amounts to only ₹21 lakh. The board has announced that the bank will recover the lost amount from the first accused, Sathyavan, and legal proceedings will be initiated to seize his property. Officials also clarified that Sathyavan was removed from his post in 2021.