THRISSUR: At a time the Karuvannur cooperative bank scam has become a major controversy putting the director board members, who were CPM local leaders, under the scanner, another scam was unearthed at Karalam Cooperative bank with CPM workers as board members.
On Saturday, Irinjalakkuda court directed the police to register a case against the authorities of Karalam Cooperative bank.
The petitioner had taken a loan pledging her 5.5 cent of land at the bank. It is alleged that the bank authorities sanctioned another loan by pledging the same property and forging her signature. The bank authorities thus withdrew the money from the account without her consent. Considering the petition, the court directed Irinjalakkuda police to file first investigation report and probe the case.
Meanwhile, bank authorities claimed that no frauds had happened from their side. Bank president K S Babu said that the pledged property was actually 20 cents and the sanctioned fund was Rs 20 lakh. The loan was taken on December 30, 2014.
“The borrower didn’t pay the interests following which the bank had to take action. When the recovery notice was served, the complaint was filed. The bank will cooperate with any investigation,” he said.