Kollam: A loan fraud to the tune of Rs 55 crore has been reported in three cooperative banks in the Kollam district of Kerala.
Police have charged a case based on a complaint from the Co-operative Audit department against the administrations of Nadakkal Service Cooperative Bank, Chathannoor Regional Service Cooperative Bank and Nedungolam Service Cooperative Bank.
The Left parties in the State are at the helm of administration at all three banks.
The case at Nadakkal bank
A loss of Rs 47.59 crore is suspected at Nadakkal Service Cooperative Bank based at Kalluvathukkal. The Parippalli police have booked 23 persons including the 2 secretaries and administrative board members of the bank.
The fraud has taken place within one year between April 1, 2020, and March 31, 2021, leading to a huge loss for the bank. However, the bank president V Ganeshan said that it is the balance amount kept as a reserve with the RBI and the issue would be completely resolved.
Rs 7.48 cr loss at Chathannur
A case has been charged against the former secretary and administrative board members of Chathannoor Regional Service Cooperative Bank for the loss of Rs 7.48 crore. The case is that loans were granted to 22 persons against the norms and the repayments have been defaulted leading to the loss. The irregularities have been found in the loans granted between January 1 2017 through December 31, 2021. Bank president P K Shibu said that 17 of these loans have been completely repaid after the audit.
“Only one loan has been granted after I became the president. The pending loans would be repaid and settled before March 31,” Shibu said.
Accountant booked at Nedungolam
At Nedungolam Service Cooperative Bank, the case is booked against the accountant for the loss of Rs 26.55 lakh. As per the preliminary investigation report from the Paravur Police, the accused had granted loans to many persons without sufficient security for the bank, without informing the administrative board and misleading the secretary. Besides, he has also forged the signatures of account holders and drew money.
Further investigation is on.
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