Kochi: The Kerala High Court denied anticipatory bail to the accused in the multi-crore scam in the Angamaly Co-operative scam. Justice A Badharudeen denied bail while citing the seriousness of the offences and the need for custodial interrogation. He also expressed displeasure at the investigating officer’s inaction, noting that despite the court dismissing the same petitioners’ earlier bail pleas in October 2024, no arrests had been made.

The court directed the accused to surrender immediately and instructed the officer to ensure a meaningful investigation, including arrest, if they failed to comply. The petitioners face charges under IPC Sections 406, 408, 417, 420, 465, 467, 468, 471 read with 34, as well as under Sections 13(1)(a) and 13(2) of the Prevention of Corruption Act, 1988, for allegedly sanctioning fake loans and misappropriating over ₹115 crore by abusing their position on the Society’s Managing Committee.

While the petitioners argued that a co-accused, TV Benny, had been granted anticipatory bail and cited their advanced age as a reason for relief, the court found no change in circumstances since the earlier dismissal and noted that Benny’s bail was based on his non-involvement in key decisions.

Observing that custodial questioning was essential, the court held that granting anticipatory bail at this point would hamper progress in uncovering the scam’s full scope.

A case was registered against members of the Angamaly Urban Co-operative Society’s Managing Committee for allegedly misusing their positions to sanction fake loans and misappropriate ₹55 crore. The fraud reportedly involved renewing loans using duplicate documents in the names of fictitious individuals. Investigations later revealed the total misappropriated amount had surged to ₹115.8 crore.
(With LiveLaw inputs)