Brahmagiri deposit crisis: Woman says ₹41 lakh locked, no help from CPM leaders

Wayanad: The CPM-controlled Brahmagiri Development Society (BDS) management is under fire after a woman depositor of the quasi-governmental body raised serious allegations against the party leadership. She stated that despite depositing ₹41 lakh in BDS, she was now struggling to find money for her husband’s treatment.

BDS, affiliated with the state Dairy Development Department, had mobilised around ₹100 crore from the public and more than ₹30 crore from primary cooperative societies and cooperative banks across Kozhikode, Kannur, Malappuram, Palakkad, and Wayanad districts.

In the post-COVID period, BDS had to shut down most of its units, including its flagship brand Malabar Meat and its multi-species abattoir, due to accumulated losses. Interest on the funds mobilised has also remained unpaid for the last three years. 

According to Ancy Roy, the money deposited in Brahmagiri was raised by selling their land, and the family had no other source of income apart from the interest earned on the deposit.

Speaking to Onmanorama, Ancy said the land was sold because her husband had a series of health issues and was unable to manage the farm. He was undergoing treatment for heart disease, and their daughter was an MBBS student. “We have no other option but to take extreme steps if the party continues to mislead us with false promises,” she said.

“Before the elections, the leaders used to answer our phone calls, but after the elections, they stopped even that. Now nobody answers. Even after making hundreds of calls, there is no response,” she added.

She said her misfortunes began after depositing the money in BDS, adding that she was encouraged by party members to invest, as they promised high interest rates and assured her that the deposit was safe since Brahmagiri was linked to the state government.

“For the last three years, I have been running from pillar to post demanding my money back,” she said. Though an action council was formed, its leaders have now fallen silent, she added. “Neither the CPM leaders nor the officials of Brahmagiri are taking any of my calls, despite knowing my struggle to arrange money for treatment,” she said.

In March, another depositor, Noushad, barged into the headquarters of the Brahmagiri Development Society demanding the return of his ₹14 lakh deposit. He has yet to receive the full amount. Although CPM leaders assured him that the money would be returned soon, nothing has materialised so far.

During the recent Assembly election campaign, authorities had repeatedly promised to return his deposit. The LDF leadership had also claimed that discussions to take over the factory were in their final stage and that deposits would soon be repaid. However, these promises have not been fulfilled, he pointed out.

Though the depositors had organised a series of agitations in front of the BDS headquarters at Pathirippalam, the majority of the depositors are unpaid to date. There are more than a dozen cases related to bounced cheques and cheating cases against the management. 

Founded in 1999 by late CPM leader and MLA P V Varghese Vaidyar, the Brahmagiri Development Society initially focused on producing sanitary products such as toilet cleaners and detergents. Later, under chairman P Krishna Prasad, the cooperative expanded rapidly. While it recorded a turnover of ₹36 crore in 2019, the society suffered heavy losses during the COVID-19 pandemic.