Rs 100 cr worth loan scam reported in Karuvannur Cooperative bank
Thrissur: A loan fraud worth Rs 100 crores was reported at the Karuvannur Cooperative Bank in Thrissur which is administered by the CPM. It is found that the money was swindled from 2014 to 2020. Police have registered a case against the previous board members and some employees in the organisation.
The scam came to light when many people who took loan and repaid their loan amount regularly received notice from the bank regarding attachment of property. Hence, a probe was initiated into the complaints of the borrowers and the scam came to light.
The titledeed of the land which the borrowers mortgaged in the bank were used again to take more loans without their knowledge. The loan amount was tranferred to another account. The loans taken in the names of 46 persons were creditted to the same account.
Earlier, many complaints regarding such frauds were given to the Cooperative Registrar and other officials. The audits conducted after this revealed the magnitude of the fraud. The police informed that a detailed probe has to be carried out in this case.