Former Governing Body Member Faces Burden of Fraud: The Life of VK Sugathan

Iringalakuda: From Prominent Figure to Rented House Dweller – Sugathan’s Struggle

In a twist of fate, VK Sugathan, a former member of the governing body, finds himself without a home or any property. He now lives in a modest rented house, earning a living as a security guard. His life took a dark turn when he became entangled in the infamous 300 crore fraud at Karuvannur Cooperative Bank. Sugathan claims that the real culprits are cleverly shifting blame onto him, leaving him burdened with the weight of their sins. His only possession is a forfeiture notice, demanding he take responsibility for the fraud and pay a staggering ten and a half crore rupees, including interest.

From Moorkanad to Vallikanjiram – A Descent into Hardship

Karathuparampil Sugathan (58), a native of Moorkanad, now resides in a rented house in Vallikanjiram district with his wife and son. Once located on the banks of the river, Karuvannur used to be his home. For many years, Sugathan dedicated his life to the Communist Party of India (Marxist) (CPM). However, due to differences with local party leaders, he eventually switched affiliations and aligned himself with the Communist Party of India (CPI). In 2011, he joined the board of directors at the Karuvannur Cooperative Bank. The party leadership was made aware of the suspicious transactions conducted by the bank secretary during the third administrative committee meeting. Nevertheless, a compromise was suggested instead of taking immediate action.

Falsely Accused – Broken and Betrayed

Sugathan vehemently denies involvement in any loan exceeding five lakh rupees within his jurisdiction. Despite his claims, the crime branch apprehended him, subjecting him to a grueling 77-day stay in jail. To secure his release, his wife Thangam had to borrow money from private institutions, burdening them with monthly installments of 9000 rupees. The stress took a toll on Sugathan’s health, with high blood pressure and diabetes manifesting during his time behind bars, eventually leading to paralysis in one of his legs. After months of treatment, he was able to regain mobility, but the ordeal left an indelible mark.

A Race Against Time – A Forfeiture Notice Looms

Adding to his predicament, Sugathan recently received a forfeiture notice amounting to rupees from authorities. Representatives visited his humble abode, intending to seize his meager belongings for non-payment. However, upon witnessing Sugathan’s deteriorating condition, they decided to postpone further action and left empty-handed.

English Summary: From Prominence to Desolation – Sugathan’s 10.5 Crore Liability

Iringalakuda ∙ No own house, no piece of land. Lives in a rented house, earns a living by working as a security guard. This is the life of VK Sugathan, a former member of the governing body who had to face the responsibility of the 300 crore fraud in Karuvannur Cooperative Bank. Sugathan says that the deceivers and the main leaders are deceiving him by placing the burden of sin on his head. Sugatan’s only asset is a forfeiture notice asking him to take responsibility for the fraud and pay ten and a half crore rupees with interest.

Karathuparampil Sugathan (58), a native of Moorkanad, lives in a rented house in Vallikanjiram district with his wife and son. Earlier, Karuvannur was on the banks of the river. He lived as a CPM worker for a long time. When he had a difference of opinion with the local leadership, he switched to the CPI. In 2011, he joined the bank’s board of directors. The leadership of the party was informed about the transactions of the bank secretary from the third meeting of the administrative committee. However, the proposal was to proceed by compromise.

Sugathan swears that not a single loan more than 5 lakh has been passed from his area. But the crime branch arrested him and put him in jail for 77 days. His wife Thangam says he had to take loans from private organizations for the bail amount. 9000 per month is paid to settle this debt. During his time in prison, he developed high blood pressure and diabetes, and his leg became paralyzed. He was able to regain his mobility after months of treatment. Sugathan also received a forfeiture notice of Rs. Officers came to the house recently to close for non-payment of this amount. However, after seeing Sugatan’s condition, he postponed further action and returned.

English Summary: No house or land, job security; Sugathan’s liability is Rs 10.5 crore

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