Kerala co-bank scam: Complainant appears before ED, alleges Rs 300-cr fraud

MV Suresh, the first of severa persons to have filed complaints alleging fraud at the CPI(M)-controlled Karuvannur cooperative bank in Thrissur district, appeared before the ED on Monday, officials said.

"Suresh, who served as the extension unit manager of the bank, filed the complaint with evidence with the cooperative department on January 16, 2019," an official said.

Further, according to the officials, Suresh was suspended about four years ago for filing several complaints alleging fraud. Two cases were registered against him as well.

He was dismissed from service on August 20, 2020, when a probe into the matter began. Suresh, who was also expelled from the CPI(M) at that time, subsequently joined the BJP.

"I am determined to fight this matter legally and politically. As someone who held a responsible position in the CPI(M)-controlled bank, I happen to know a few things. It is my duty to place whatever I know before the investigating officers concerned and to bring justice to the poor depositors," Suresh said.

"I have enough evidence to present before the investigating officers. I learned that a significant portion of the (depositors') money was routed to (Kerala Higher Education minister) R Bindu's election fund. It is not a matter of public knowledge yet. This is a scam worth more than Rs 300 crore. Two depositors have already committed suicide while four more died owing to inadequate treatment. This scam has claimed many lives," the BJP leader alleged.

On the progress of the investigation into the alleged scam, an official said, "The loan scam was reported in July 2021 in Thrissur district, after which a case was registered against six bank officials and an investigation launched. After several people, including customers, raised apprehensions over the bank's functioning, an audit was conducted recently during which the charges were found to be true.