Thrissur: The police case filed in a multi-million dollar bank loan scam case at the CPM-run Karuvannur Service Cooperative Bank celebrated its first anniversary on July 14, 2022, but the investigation team did not file an indictment.
The only significant development in the case is that 11 board members and six intermediaries, including employees, have been arrested. Among them, an employee and board member of the bank is free on bail. In addition, the 16 cooperative sector officials suspended for this case have been reinstated.
Currently, the Crime Branch is investigating the case. Sources say the complexity of the case is the reason the proceedings are lengthening. The ordeal of scammed customers continues.
Reports state that the scam is worth Rs 312.71 crore. Around 11,000 people are affected, including an expat who has invested Rs 24 lakh with the bank from the hard-earned money he earned during his long life as an expat of 19 years. Almost everyone has lost hope.
We learn that most of the people concerned used to invest their retirement money with the bank. They even find it difficult to manage the money to buy medicine.
The state government had announced a consortium for relief. He also assured that no one will lose a single penny. However, affected investors got no relief.