Kerala News Congress demands from CM Pinarayi Vijayan CBI should investigate the cooperative bank scam

Karuvannur Co-op Bank (File Photo) - India TV Hindi News
Image Source : FILE PHOTO
Karuvannur Co-op bank(File Photo)


  • No progress in investigation by state agencies: Congress
  • “Govt should be ready to hand over this case to CBI”
  • “Guarantee should be given on entire deposits of people in banks”

Kerala News: There was an alleged scam of Rs 300 crore in Karuvannoor Co-operative Bank in Kerala. On this, the main opposition Congress in Kerala on Saturday demanded CM Pinarayi Vijayan to get the Central Bureau of Investigation (CBI) investigated in the alleged scam. The Congress alleged that no progress was being made in the investigations being carried out by the state agencies. Leader of the Opposition in the Assembly and Congress leader VD Satheshan in a letter to Vijayan said that the southern state cannot tolerate the collapse of the cooperative sector.

High level conspiracy behind the scam

Satishan told the CM that depositors should not be left in an atmosphere of uncertainty. “It is not only the employees behind the Rs 300 crore scam in Karuvannoor Bank. There is a high level conspiracy behind this fraud. There is no progress in the investigation being done by the state agencies. Therefore, the government should be ready to hand over the matter to the CBI.” He pointed out that at present, there is some flaw in the deposit guarantee scheme of cooperative banks.

Satishan demanded from the Chief Minister that guarantee should be given on the entire amount deposited by the people in cooperative banks. Congress also demanded to bring an ordinance to change the law related to it.

The scam was exposed in Thrissur district in July 2021

It is noteworthy that the ruling Communist Party of Marxist (CPIM) controlled Karuvannur Co-operative Bank has been in the news for the last one year due to the loan scam. Those who invested in the bank demonstrated against it and demanded the refund of the deposits. The loan scam in the bank was first exposed in Thrissur district in July 2021. Based on this, an FIR was registered against six officials of the bank and investigation was started.

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