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Cong demands CBI probe into Co-op bank fraud

 Leader of Opposition V.D.Satheesan on Saturday wrote to Chief Minister Pinarayi Vijayan demanding a CBI probe into the Karuvannur Cooperative bank fraud in Kerala's Thrissur.

Cong demands CBI probe into Co-op bank fraud

This cooperative bank is controlled by the CPI-M and reports now allege that those who had good connections in the party were able to get back their deposits, while a majority of the hapless depositors are running from pillar to post to get back their money.

"It's been a year since the fraud was detected when the bank was unable to pay depositors and the total loss is around Rs 300 crore. We are now hearing heart-wrenching stories of how the people suffered as they were unable to get money for their medical and educational needs," said Satheesan.

"It has come to light that it's just not the employees of the bank who were involved but it was the result of a large rooted conspiracy and hence a CBI probe is needed. The ongoing police probe appears to be heading nowhere."

Early this week, tempers ran high one Philomina passed away as her family, whose money was locked in the scam-tainted co-op bank, could not bear her medical expenses.

To make matters worse, the local legislator who is also the State Higher Education Minister R. Bindhu went public stating that the matter was being given a political twist and that money was given to Philomina's family.

Philomina's son slammed the Minister saying they did not get the money. The minister is not fully updated on issues and what she said is not true, he added.

Satheesan, in his letter to Vijayan, has demanded that the government pass an Ordinance to strengthen the Deposit Guarantee Scheme, which at present is toothless and pledged full support of the Opposition to ensure that the Cooperative movement, which is the backbone of the rural economy is sustained.

There are also reports that things are not fine in over 100 Cooperative banks in the state and the maximum number of such banks are in the state capital district.

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