The Vigilance and Anti-Corruption Bureau has registered a case against 25 people, including former board members of Chendamangalam Service Cooperative Bank in Ernakulam, over illegal loan disbursals.
Loans worth Rs 2 crore were allegedly granted between 2020 and 2022 to individuals outside the bank’s jurisdiction, with inflated land valuations. The loans, sanctioned during the tenure of a UDF-backed board, were given to a self-help group that later defaulted.
VACB has launched a detailed investigation amid ongoing probes into several other cooperative banks in the district for financial irregularities.
