Suspected loan fraud worth Rs 100 crore unearthed in CPI(M)-controlled co-operative bank

A departmental probe by the co-operative department has revealed major irregularities, including loan fraud to the tune of Rs 100 crore, in a co-operative bank in Thrissur.

A departmental probe by the co-operative department has revealed major irregularities including loan fraud in a co-operative bank in Thrissur. The CPI(M) has come under fire as the bank is run by elected members of the ruling LDF. The incident came to light after a complaint was filed with the police on July 14, stating that multiple loans were provided on the same surety. Police suspect around Rs 100 crore loan scam at the Karuvanoor service co-operative bank.