STOCK MARKET BSE NSE

Karuvannur Bank fraud: CPM ousts board ex-prez and three others

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.

Published: 27th July 2021 06:23 AM  |   Last Updated: 27th July 2021 06:23 AM   |  A+A-

CPM Flag

CPM Flag (Photo | EPS)

By Express News Service

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.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp