Karuvannur bank | Photo: Mathrubhumi
Thiruvananthapuram: Over a period of five years, a sum of Rs 200 crores was withdrawn from Karuvannur Service Cooperative Bank, says a report. Crime Branch suspects the role of administrative members over the incident and initiated a probe.
It is learnt that the administrative members directed their kins and kiths to withdraw money after realising that the bank may collapse soon.
In the year 2015-16, the bank had a deposit of Rs 501 crores. In 2016-17, it came down to Rs 424 crores as Rs 77 crores were withdrawn in the year. In 2017-18, it further came down to Rs 405 crores and to 340 crores next year.
The crime branch is planning to get the details of all who withdrew the amount to trace their links with the administrative panel members. The massive withdrawal collapsed the bank and it was pointed out as the key reason why many couldn’t withdraw money even during emergencies.
Due to the ongoing crisis, the bank allows account holders to withdraw only Rs 10,000 per week.
In the meantime, Thrissur Principal District Sessions Court Judge PJ Vincent denied bail for the fourth accused, named Kiran, in the case registered over the fraud.