Vigilance probe into Adat Farmers Service Co-operative Bank anomalies

Chief Minister Pinarayi Vijayan on Thursday  ordered probe based on the report of the Corporation Department that unearthed financial irregularities and other frauds.

Published: 28th April 2017 03:42 AM  |   Last Updated: 28th April 2017 03:42 AM   |  A+A-

By Express News Service

THIRUVANANTHAPURAM: The government has ordered a Vigilance inquiry into the irregularities at Thrissur-based Adat Farmers Service Co-operative Bank Ltd. Chief Minister Pinarayi Vijayan on Thursday ordered probe based on the report of the Corporation Department that unearthed financial irregularities and other frauds.

The report of the joint registrar had pointed out irregularities in the membership register,  disbursement of huge amount of loan to the undeserving and making fraud entries in various documents. The inquiry would also look into the alleged irregularities on the part of bank president M V Rajendran and Anil Akkara, MLA.  Bank incurred Rs 31.75 cr loss

The joint registrar, in the report, said the bank had failed to submit the documents asked for. It has been estimated the bank had incurred a loss of Rs 31.75 crore because of fraudulent activities. It has been pointed out that the bank president as well as members had been acting in such a way that it affected the existence of the bank itself.

It has been alleged a loan of Rs 15 crore was given to a private company without any legal formalities in which Rajendran was the chairman.

Meanwhile, Anil Akkara welcomed the inquiry and demanded the Vigilance inquire into the transaction between the bank and Consumerfed.

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