Secretary swindles Rs 4.75crore from agri society, flees

In an audit conducted on April 29, it was found that Ratheeshan had taken a gold loan of Rs 1.66 crore without pledging actual gold.
Ratheeshan K - Secretary of the Karadka Agricultural Welfare Society
Ratheeshan K - Secretary of the Karadka Agricultural Welfare Society Photo | Special Arrangement

KASARAGOD: The secretary of the Karadka Agricultural Welfare Society in Kasaragod has deceived the society by taking money without the consent of the administrative body. The accused is Ratheeshan K, of Karuduka.

He swindled Rs 4,75,99,907 from the society on different occasions. On May 13, the president of the society lodged a complaint with the Adhur police, alleging that the secretary absconded with the gold pledged to the society by various customers.

Sooppi K, the president of the society, said, “The fraudulent activity came to light when an audit was conducted on April 29. In the audit, it was found that Ratheeshan had taken a gold loan of Rs 1.66 crore without pledging actual gold. On May 2, the department gave a letter to the president regarding the audit report and directed Ratheeshan to temporarily stay away from the society’s activities. We never expected this type of activity from him.”

The CPM leadership made it clear that Ratheeshan, who was a member of the CPM Mulleria local committee, has been removed from the party membership after the fraud came to light.

M Madhavan, CPM Karadka area secretary, said, “He availed gold loans in the name of his family members, bank customers, and others who are not familiar to us. He has been depositing the interest in his account. Even the gold appraiser of the bank was unaware of the nefarious deals made by the secretary. We believe that there was a gang behind him.”

Adhur police have registered a case of wrongful taking of movable property without the owner’s consent (IPC 409) and cheating (IPC 420). A police probe is on.

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