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Monday, Jun 23, 2025
This is the first time a CPM leader has been arrested in the Karuvannur bank fraud case.
Sajeevan, who was arrested late on Tuesday, told police that Pulpalli village panchayat president S Dileep Kumar and former bank director Mani Pambanal were also involved in the scam.
The bank is in the eye of a controversy facing multiple investigations after a ‘fake loan scam’ rocked the district.
The stir was headed by Janakeeya Samara Samithi, an independent platform of the affected and the public
Two years ago, the scam came to light after several people who took loans received recovery notices for amounts greater than they had borrowed.
There are indications that this is part of an attempt to play down the extent of the fraud.
Abraham is the former president of the Cooperative Bank and a KPCC general secretary. He was taken into custody from his house in Pulpally at 1 am, police sources said.
The Left parties in the State are at the helm of administration at all three banks.
The Finance Department had sought Rs 2,000 crore as it has not been able to distribute the welfare pensions due to the prevailing financial crisis.
Stating that the proposals in the Budget were not beneficial for people at the grassroots level, Balagopal flagged the drastic cuts in allocations for major schemes.
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