Loan Scam Uncovered in Karuvannur Cooperative Bank
Alappuzha – Fraud Detected by State Cooperative Department
Alarming revelations have emerged regarding a loan scam in the Karuvannur Cooperative Bank, as exposed by the State Cooperative Department. While initial estimates by the Enforcement Directorate (ED) suggested a staggering Rs 500 crore scam, further investigation has revealed an irregular disbursement of benami loans valuing 103 crores. The Prime Minister himself has vowed to ensure that the affected investors receive their money back. However, concerns have been raised regarding the centralization of funds, as the ED’s actions seem aimed at seizing the Karuvannur Bank’s funds for the central treasury.
The closing session of an eventful foot procession, led by Chittaranjan MLA, witnessed State Fishermen’s Federation State President PP Jayarajan shedding light on this scandalous affair. In his remarks, Jayarajan emphasized that the primary intention of the ED appears to be the appropriation of Karuvannur Bank’s funds, rather than providing justice to the victims.
Communal Politics and the Future of Indian Democracy
There are growing concerns about the potential ramifications if the Bharatiya Janata Party (BJP) were to come into power in 2024. Critics argue that the party’s sole focus is on religious polarization and dividing the populace along communal lines. Therefore, in times of communal unrest, the Congress party, known for its secular ideology, should not shirk from its responsibility as the primary opposition force. A case in point is the recent violent attacks on minorities during the Parasurama Jayanti celebrations in Congress-ruled Rajasthan, which highlights the need for accountability.
Recognizing the significance of an organized opposition, the Opposition India Front against BJP has emerged as a credible platform. The Communist Party of India (Marxist) (CPM) has openly extended its support to this front. However, P. Jayarajan, a prominent figure in the CPM, urges a careful evaluation of whether the changing stance of the Congress party would genuinely contribute to dismantling the ruling party’s stronghold.
Concerned Voices Speak Out
In a meeting presided over by B. Ajesh, the gathering witnessed several influential personalities expressing their thoughts and concerns on the matter. Notable figures such as CPM District Secretary R. Nasser, AM Arif MP, H. Salam MLA, Jatha Captain, PP Chittaranjan MLA, P. Ganakumar, PP Pavanan, TB Udayan, as well as Jatha members T. Manoharan, U. Zainuddin, KK Ramesan, G. Rajadas, VV Ramesan, C. Shamji, P. Santhosh, Yesudas Parapalli, Juliet Nelson, A. Anirudhan, Nirmala Selvaraj, and PI Harris took the opportunity to voice their concerns and assert the need for transparency and accountability in this ongoing issue.
Summary
A loan scam in the Karuvannur Cooperative Bank has come to light, with the State Cooperative Department uncovering fraudulent activities. While earlier estimates suggested a Rs 500 crore scam, the truth is that irregular benami loans amounting to 103 crores were illegally granted. The Prime Minister has promised restitution to the affected investors. However, questions have been raised about the intentions of the Enforcement Directorate in potentially centralizing the seized funds. Additionally, concerns about communal politics and the potential implications of a BJP-led government in 2024 have been voiced, along with the need for a responsible opposition against divisive policies. The recently formed Opposition India Front against BJP has garnered support from the Communist Party of India (Marxist). Critical voices from various influential individuals have emphasized the importance of transparency and accountability in addressing these issues.
Alappuzha – Khadi Board Vice Chairman P. Jayarajan said that there was a fraud in the Karuvannur Cooperative Bank and it was detected by the State Cooperative Department. However, it is not a Rs 500 crore scam as per the Enforcement Directorate (ED); 103 crores benami loan was given irregularly. The Prime Minister himself has said that he will return the money to the investors. Jayarajan said that the ED’s attempt is to seize the money in Karuvannur Bank and take it to the central treasury. State Fishermen’s Federation State President PP Jayarajan was opening the closing session of yesterday’s tour of the foot procession led by Chittaranjan MLA.
If BJP comes to power in 2024 they will destroy Indian constitution. BJP’s only thought is how to divide people on the basis of religion. When there is a communal riot in the country, the Congress, which preaches secularism, does not bear the responsibility of the opposition. In Congress-ruled Rajasthan, minorities were attacked in the name of Parasurama Jayanti. A public platform called Opposition India Front against BJP is a good thing. CPM supports it. But P. Jayarajan said that we should think whether the changing position of the Congress would help in bringing down the ruling party.
B. Ajesh presided. CPM District Secretary R. Nasser, AM Arif MP, H. Salam MLA, Jatha Captain, PP Chittaranjan MLA, P. Ganakumar, PP Pavanan, TB Udayan, Jatha members T. Manoharan, U. Zainuddin, KK Ramesan, G. Rajadas, VV Ramesan, C. Shamji, P. Santhosh, Yesudas Parapalli, Juliet Nelson, A. Anirudhan, Nirmala Selvaraj and PI Harris spoke.
English Summary: Karuvannur loan scam
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