A complaint has been filed with Union Minister of Cooperation Amit Shah, alleging financial fraud and irregularities against Malankara Credit Society Limited, led by businessman Bobby Chemmanoor. The complaint, which was also submitted to the Union Ministry of Home Affairs, accuses the society of illegally channeling foreign funds and misappropriating deposits worth hundreds of crores.
According to the complaint, Chemmanoor allegedly transferred substantial deposits from Malankara Credit Society to his private businesses in violation of legal norms. The Hindu Mahasabha Karnataka State Committee, which filed the complaint, warned that such financial misconduct could destabilize the banking system and the country’s economy.
Allegations and Financial Irregularities
Malankara Credit Society, headquartered in Thrissur, Kerala, operates under the Multi-State Cooperative Societies Act, which falls under the purview of Union Home Minister Amit Shah. The society’s total business volume reportedly stood at ₹728 crore as of March 31, 2024.
The complaint states that over ₹125 crore has already been illegally diverted from Malankara Credit Society to multiple private companies owned by Bobby Chemmanoor in India and abroad. It further alleges that Chemmanoor recently acquired over 1,000 acres of land in Wayanad, raising suspicions about whether funds from the society were used for this purpose.
Originally established by the Malankara Church to provide financial assistance and loans to its members, the Malankara Credit Society was reportedly taken over by Bobby Chemmanoor when it faced financial difficulties. However, concerns have now been raised that thousands of investors’ deposits have been misused for his personal business interests.
The complaint has been submitted to multiple central agencies, including Union Ministry of Home Affairs Secretary, Prime Minister’s Office (PMO),Central Registrar of Cooperative Societies, Serious Fraud Investigation Office (SFIO),Headquarters & Regional Office, Directorate of Enforcement (ED), New Delhi. The Hindu Mahasabha Karnataka State President, Dr. L.K. Suvarna, emphasized that such alleged financial frauds must be curbed to prevent disruptions in the nation’s banking sector and overall economy. With these allegations surfacing, investors and financial regulators are now closely monitoring the developments surrounding Malankara Credit Society and its financial dealings under Bobby Chemmanoor’s leadership.
