His family said after the whole controversy surfaced, Sujesh had received calls threatening that they would harm him.
The board of the bank was dissolved by the cooperative registrar after it was found that the bank employees have availed multiple loans by misusing the documents pledged by customer to avail loans.
The reduction in interest rate on short term loan was in response to the request made by the OSCSC on September 3.
There have been numerous recent cases of lenders, especially cooperative banks, being unable to fulfil their obligations towards the depositors despite monitoring by the union government and RBI.
Incidents of pawning fake gold to avail of loans from cooperative banks and swindling crores of rupees through fake loans are rampant in Kerala.
RBI cancelled 6 licences, issued 123 directives & imposed penalty on UCBs so far in 2021
The transfer of cooperative employees would be carried out in a time-bound manner and it would ensure that the criteria for transfer are met.
However, many have expanded their business over the years and now compete with public sector and private banks.
Will summon the accused persons for detailed interrogation from next week
The allegation against the IAS officer that he and other accused diluted the routine procedure had granted a loan of 350 lakh to a firm, causing loss to Kerala Cooperative Bank.
The local committee member also revealed that former president of director board K K Divakaran’s claim that he came to know of the fraud only four months ago was a total lie.
A proper investigation into these cheating activities by a state agency will be a mockery.
The burglary was noticed on Monday when the bank was opened for transactions after the weekend. The wire leading to the CCTV has been cut and the memory card is also missing, police said.
The assistant registrar of cooperative societies who investigated the complaints of depositors detected fraud to the tune of Rs 4.85 crore.
Irregularities worth C1.7 cr found in stocks of supermarkets during 2019-20 fiscal alone