DYFI leader, mother owe Rs 1.36 cr to Karuvannur Co-op Bank

CPM's Thrissur district leadership kept Karuvannur bank fraud under wraps

Thrissur: In another instance of political corruption and benami deals emanating from the Karuvannur Cooperative Bank it has come to light that a DYFI leader and his mother have defaulted on a loan repayment of Rs. 1.36 crore to it.

The loan was given to the duo by flouting cooperative rule and regulations by the then CPM-led director board of the bank.

They managed to get the loan with the help of CPM local committee member Biju Karim, who was arrested and remanded in custody in connection with the bank fraud.

The DYFI Mapranam area leader and his mother, who is a member of the CPM's Karuvannur local committee, got the loan without pledging any property. The DYFI leader has to repay Rs.68.91 lakh. His mother's dues amount to Rs.69.74 lakh.

As the ceiling for loan amount eligible for individual account holders is Rs 50 lakh in all likelihood there was a benami loan account deal in this case too.

The bank, which is located in Irinjalakuda in Thrissur district, has been at the centre of controversy over a financial fraud to the tune of Rs.300 crore.

The issue of corruption of leaders at the cooperative bank was raised at the DYFI forums at the local level three years ago. But it is alleged that a section of DYFI leaders hushed up the issue by restraining the cadres from raising such issues in future.

DYFI or the Democratic Youth Federation of India is a frontal organisation of the CPM.  

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