THRISSUR: In an effort to save its face in the Karuvannur Service Cooperative Bank loan fraud, the CPM district committee meeting on Monday expelled four members including former bank director board president K K Divakaran from the party.
Former branch manager M K Biju, aka Biju Kareem, former bank secretary T R Sunilkumar and former accountant C K Jils were the others expelled from the party. In addition, members of the dissolved director board of the bank M B Dinesh, T S Biju, Ambili Mahesh and N Narayanan were suspended from the party.
The party also suspended Irinjalakuda area committee member C K Chandran for not taking any action despite knowing about the huge fraud taking place in the bank.
District committee members Ullas Kalakkad and K R Vijaya were ousted from the district committee. Irinjalakuda area committee secretary K C Premarajan and Karuvannur local committee secretary P S Viswambharan were removed from their respective posts.
Bank fraud shakes CPM at grass-roots level
The D300-crore loan fraud at the Karuvannur bank has shaken the CPM at the grass-roots level, as it betrayed the people’s trust on cooperative banks. The bank had a CPM-led director board for the past 40 years. The bank, with a great history, was the common man’s avenue for small loans for necessities like education of children, daugh-ter’s wedding, house constru-ction, etc. Many party workers who pledged their property for such reasons are on the verge of facing revenue recovery due to the fraudulent activities of caucus that functioned in bank.