How did 3 cooperative banks do a 55 crore scam?

A colossal fraud has taken place in 3 Cooperative banks in Kollam. A whopping 55 crore has been reported given away without complying with the terms of the bank. A case has been lodged based on the complaint by the cooperative Audit department against three banks named Nedungolam Service Cooperative Bank, Chatgannoor Regional Service Cooperative Bank, and Nadakkal Service Cooperative Bank.

It is significant that the leftists are at the helm of administration at all three banks.

  1. Rs.47.59 crore at Nadakkal bank

            Police filed charges against 21 members and 2 members of the administrative board. Rs.47.59 is marked a loss for the bank. It is reported that the scam has taken place within the span of one year April 1, and March 31.

  • Rs.7.48 crore loss at Chathannur

Charges have been pressed against the former secretary and the administrative staff of the bank. Loans were sanctioned to 22 people against the policies of the bank. Of the 22, 17 have repaid the amount. Current bank president PK Shibu, claims only one loan was sanctioned after his admission as the president.

  • RS.26.55 lakh loss at Nedungolam

    The accountant of the Nedungolam Service Cooperative Bank is being interrogated for a loss of Rs.26.55 lakh. The findings of the police say the accountant granted loans to a lot of people without considering sufficient security for the bank. He also manipulated the signatures of various account holders to withdraw money.

Police are probing into the case. The news received a lot of attention since the involvement of the leftist party.

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