Nine-member panel formed to investigate Karuvannur Cooperative Bank fraud case

Thiruvananthapuram (Kerala) [India], August 5 : A nine-member panel is investigating the irregularities of Rs 104.24 crores found in Karuvannur Cooperative Bank in Thrissur, said Kerala Cooperation Minister VN Vasavan in the Assembly on Thursday.
"The panel has been asked to submit an interim report in 10 days, and a final report is expected in a month. All the accused have been suspended," said Vasavan while replying to a query in Question Hour.
He further said steps are also being taken to confiscate properties of all the accused involved in the multi-crore scam and the administrative committee of the bank was also dissolved and the government will ensure stringent action against the accused.
In the loan scam that took place in Karuvannur Cooperative Bank, multiple loans of huge amounts were sanctioned against property pledged by customers without their knowledge.
Former manager Biju Kareem, former secretary Sunil Kumar, accountant CK Jill and commission agent Bejoy are accused in the case, in which a crime branch probe is taking place, said Vasavan.