Karuvannur Bank | Photo: Mathrubhumi Library
Thrissur: The audit report of the Karuvannur Co-operative bank in 2020, accessed by ‘Mathrubhumi’, points out serious lapses in the administration.
It is learnt that the reports from 2012 onwards have alerted about the loss and the indiscipline of the bank administration. However, concerned authorities kept mum which snowballed into a biggest scam of Kerala's co-operative sector.
The enquiry committee of the CPM also pointed out lapses.
The 2020 audit committee report suggested reimbursing the lost money from the bank administrators. The branch manager Biju Karim went on leave for a long period of time without showing reason or what type of leave he was availing. Biju is the second accused in the case. Although Rs 7 crores have already been spent for the work of Mapranam branch office, the construction does not show the work for the amount. The loss grew from Rs 13.73 crores in 2019 to Rs 42.13 crores in 2020, the report says.