Angamaly coop. bank scam: administrative committee dissolved

The Joint Registrar (General) of the Ernakulam District Cooperative Society has dissolved the administrative committee of the Angamaly Urban Cooperative Society over charges of corruption and irregularities in the sanctioning of loans and handling of funds.

The Joint Registrar has appointed an administrative committee comprising M.K. Varghese as convener and M.P. Martin and Daisy James as members. The dissolved administrative committee, which was led by the United Democratic Front, had come under the scanner following an alleged loan scam running to around ₹100 crore.

An order issued by the Joint Registrar on November 5 stated that the administrative committee had issued loans in violations of norms. There were no proper documents to support the loans issued. There were also complaints that the loans were issued under fake names, it said.

The matter came to light after many members started getting notices from the society asking to repay loans taken in their names but about which they had no clue. In one instance, seven members of a family received notices asking to repay ₹25 lakh each towards loans they had not taken.

According to the initial first information report (FIR) registered by the Angamaly police, the alleged forgery and resultant cheating happened from July 7, 2002 until now. Loans were sanctioned on forged applications as well as applications submitted without requisite documents and even in the name of non-members.

The accused have been booked under IPC Sections 406 (criminal breach of trust), 408 (criminal breach of trust by clerk or servant), 417 (cheating), 465 (forgery), 467 (forgery of valuable, security, will), 468 (forgery for purpose of cheating), and 420 (cheating and dishonestly inducing delivery of property).

Published - November 06, 2024 06:38 pm IST