Home News 100 crore loan fraud in CPM-led Co-operative Bank

100 crore loan fraud in CPM-led Co-operative Bank

by news dir

Iringalakuda: The joint registrar of co-operatives has found that a loan of Rs 100 crore has been swindled in the CPM-led Thrissur Karuvannur Co-operative Bank. Police have registered a case against six persons, including the manager, secretary and board members of the branch where the scam took place. The police action was taken on the complaint of the acting secretary.

It has been found that the loan taken on the basis of 46 persons went to one account. It was also found that the borrowers had fraudulently increased the loan amount without their knowledge. Further investigations are underway into loan fraud.

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