Thiruvananthapuram: A colossal loan fraud of over Rs100 crore has surfaced at the Karavanoor Cooperative Bank in Kerala's Thrissur district for which Kerala police has begun probe. The fraud came to surface after the local Cooperative officials conducted an inspection here.
Following the inspection by the Cooperative Inspectors, the complaint was found to be true and it come to light that loan money given on various property documents was credited to a few accounts, while some had no clue that loans were being sanctioned based on their property documents.
Following the inspection, the Cooperative department officials registered a complaint with the local police at Trissur, which has registered a complaint and charges like cheating have been registered against the bank officials. The CPI-M controlled bank has a 13-member committee and that has been disbanded after the Cooperative Inspectors found out the loan fiasco and six bank officials have also been suspended.
"The bank has a deposit base of over Rs.450-Cr and of this Rs400-Cr has been given out as loans and the figure of Rs100-Cr which has now come out is so low, while the actual fraud can be more," said the complainant.