STOCK MARKET BSE NSE

Karuvannur scam: Hundreds of depositors wait to get their investment back in Kerala

Like Jagadeesh and Nisha, hundreds of people who have deposited their money in the bank are waiting for an assurance that they would get their money back in full.

Published: 12th November 2021 12:36 PM  |   Last Updated: 12th November 2021 12:36 PM   |  A+A-

Scam, Cycber Crime, Fraud

Depositors also allege an undue delay in crediting interest on fixed deposits. (Representational Photo)

Express News Service

THRISSUR: While the police probe into the Rs 100-crore financial fraud moves at a snail's pace, hundreds of depositors of Karuvannur Service Cooperative Bank are waiting with hope and prayer to get their money back.

Jagadeesh, who worked in Afghanistan for more than eight years, has put his life savings in a fixed deposit with the bank. The hard-earned money is now stuck and he cannot withdraw it in full. "I did not lodge any complaint with the police. But I have asked the bank authorities for my cash. I haven't received any positive response so far. I expect that I will get it soon," he told The New Indian Express.

One depositor/member can only withdraw Rs 5,000 per week irrespective of the amount she has in her account. The bank administrator issues a limited number of tokens per day and those lucky few are able to withdraw money. However, the administrator did not reveal the number of tokens issued every day.

​ALSO READ | Kerala: Rs 100 crore Karuvannur bank loan scam whistleblower missing

While many have put money in fixed deposits, some also have savings deposits.

Nisha Balakrishnan, who now resides in Ernakulam, has deposited Rs 5 lakh in the bank several years ago. She received a portion of it, while the remaining is still with the bank. "I have personal needs, but the bank is yet to respond to my complaints," she said. Nisha has lodged a complaint with Irinjalakuda police, but they are yet to register a case.

Like Jagadeesh and Nisha, hundreds of people who have deposited their money in the bank are waiting for an assurance that they would get their money back in full.

Depositors allege favouritism while giving out tokens. They say people closer to the administrator get the token quickly, while people who need money may have to wait in line.

But bank administrator Raveendran denied it. "Several people approach the bank to withdraw their money. But tokens for weekly withdrawals are given out based on a seniority list of savings bank account holders. The funds are repaid based on this list," he told The New Indian Express.

Depositors also allege an undue delay in crediting interest on fixed deposits.

Meanwhile, the bank has downed the shutters of the Neethi medical store and an extension counter following a severe cash crunch. As per the report of the nine-member committee probing the bank fraud, the bank will Rs 150 crore fund infusion from Kerala Bank to save it.



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