Kerala co-operative bank faces Rs 100 crore loan scam charges | Thiruvananthapuram News

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THRISSUR: An alleged Rs 100 crore loan scam has been reported in a co-operative bank in this central Kerala district, following which police has registered a case against six bank officials and launched investigation. The allegations of the fraud were raised against Karavannur co-operative bank, controlled by the ruling CPI(M), at Irinjalakuda here.
After several people including local customers raised apprehensions about the bank’s functioning, an audit had been conducted there recently, in which the charges were reportedly found to be true.
During the inspection, it was also found that loans were sanctioned on the property pledged by local customers without their knowledge and the loan amount was credited multiple times to the selected accounts, sources here said.
Based on the audit findings, the president of the bank lodged a complaint with the police, sources added.
A senior police official said as per the complaint,…

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