A major controversy has erupted in a service cooperative bank in Adoor, Kerala, after its president, Ponthamara Pillai, resigned alleging serious financial irregularities and political pressure.
Pillai, who is associated with Communist Party of India (Marxist) (CPM) and is the wife of former MLA Unnikrishnan Pillai, announced her resignation at a press conference. She stated that she could not continue in her role as she was unwilling to support corruption within the institution.
According to her, irregularities amounting to around Rs 75 lakh have been identified in the Adoor Service Cooperative Bank. She alleged that depositors’ funds were misused, including a case where Rs 30 lakh was withdrawn from an account without the depositor’s knowledge, and interest was diverted to another account.
She also claimed that loans were fraudulently issued using forged documents, with funds allegedly shared among certain local leaders. Pillai further alleged harassment from local party functionaries.
Sources indicate that some of these issues were flagged earlier during a departmental audit, and more complaints may surface in the coming days.