Karuvannur Cooperative Bank fraud puts Kerala CPI-M in a spot

Insight Online News

Thiruvananthapuram, July 29 : The death of one Philomina for want of money is proof enough that the CPI-M controlled Karuvannur Cooperative bank in Kerala’s Trissur, which reported Rs 104 crore bank fraud an year ago, is yet to bring any reprieve to the affected depositors.

Philomina’s family, who had deposited all their savings in the Cooperative bank, lost her to an ailment as they failed to get her treated after their money was blocked after the scam.

Despite running from pillar to post, They could not get enough money and she passed away early this week. The agitated locals protested with her body on the road. The situation worsened after State Higher Education Minister and local legislator R. Bindhu referred to it as a “political” issue and said the bank had given enough money to treat Philomina.

But Philomina’s son slammed the Minister saying they did not get the money. The minister is not fully updated on issues and what she said is not true, he added.

Ramakrishnan, the aged father of the secretary of the bank- P.R.Sunil Kumar, presently in jail, said his son just listened to the top CPI-M leaders in the district and sanctioned the loans.

“While many of those who were arrested last year are out on bail and those employees who were suspended have been reinstated, my son- who only acted on the directions of the CPI-M leaders is still in jail. Being the secretary of the bank, it’s his responsibility to clear and sign the papers for loan sanction and hence he and we are all in trouble,” said Ramakrishnan.

Meanwhile, State Cooperative Minister V.N.Vasan said the government is doing everything to resolve the issues and is working out a programme to see the depositors get back their money in a time-bound manner.

“There are issues in banks which are managed by the Congress-led UDF parties too and the the state government is working to see how quickly the people’s interest are addressed,” said Vasavan.

Leader of Opposition V.D.Satheesan on Friday slammed Bindhu for her curt remarks and sought her apollogy.

“It was totally an irresponsible remark from the Minister- who is also the local legislator. Appropriate action is yet to come on the wrongdoers,” said Satheesan.

There are reports that things are not fine in over 100 Cooperative banks in the state and the maximum such banks which are precariously placed is in the state capital district.

Over the years, the Cooperative banking sector in the state has emerged as the life line of the rural economy.


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