A massive loan scam Rs involving 100 crores broke at the Karuvannur Cooperative Bank in Thrissur which is controlled by the CPM. Police say the swindle was carried out from 2014 to 2020.
Police sources say a case has been registered against the previous board and other cooperative officials. Many people who took loan and repaid their loan amount regularly received notice from the bank regarding attachment of property, preliminary investigation revealed.
Later it was found that the same property has been mortgaged several times and the loan amounts were transferred into certain ‘beneficiaries”.
Hence, a probe was initiated into the complaints of the borrowers and the scam came to light.