Multi-crore gold loan fraud: Case against secretary of CPI(M)-led cooperative society at Kasaragod in Kerala
The Hindu
A case of fraud has been filed against K. Ratheesan, secretary of the Kasaragod Karadka Agriculturist Welfare Cooperative Society Limited, following allegations that he secured a gold mortgage loan of ₹4.76 crore without the knowledge of the society’s members.
A case of fraud has been filed against K. Ratheesan, secretary of the Kasaragod Karadka Agriculturist Welfare Cooperative Society Limited, following allegations that he secured a gold mortgage loan of ₹4.76 crore without the knowledge of the society’s members.
The irregularities were discovered in the cooperative society controlled by the Communist Party of India (Marxist) [CPI(M)], leading to Mr. Ratheesan’s suspension from the party and the filing of non-bailable charges by the Adoor police in Kasaragod.
Mr. Ratheesan, a CPI(M) Mulleria local committee member, is accused of taking gold loans in the names of several members without any collateral. The fraud, uncovered during a departmental inspection, revealed that loans up to ₹7 lakh were taken in the names of various members since January 2024.
Mr. Ratheesan had allegedly promised some individuals that he would repay the money within a week, but fled after the cooperative society’s president, K. Soopy, filed the complaint after the discrepancies were found.
The investigation team, which includes the cyber cell, has found that Mr. Ratheesan may be hiding in Karnataka, likely in Bengaluru.
CPI(M) area secretary M. Madhavan has claimed that Mr. Ratheesan acted alone in the alleged fraud and that the party notified the police as soon as it became aware of the issue.
The Adoor police have registered the case on non-bailable charges. Further investigation is on.
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