Kasaragod: Fraud in Karaduka Agricultural Welfare Cooperative Society. The secretary of the cooperative society with the amount of crores in the gold loan transaction. CPM local committee member K Ratheesh. It was Ratheesh who sunk with Rs 4.75 crore (4,75,99,907). Adoor police registered a case under non-bailable section.
The action was taken on the basis of a complaint lodged by K Soupy of President Bellur Kinningar. The police said that Ratheesan is absconding. In the wake of the allegation, K Ratheesan, who was a member of the CPM Mulleria local committee, was suspended from the party.
A huge irregularity was found in the CPM-controlled Karaduka Agriculturist Welfare Corporate Society. A fraud of Rs 4,75,99,907 was found in the preliminary investigation. Up to seven lakh rupees were allowed without any collateral gold.
The loans have been disbursed in several installments since January. The irregularity was found during the inspection of the cooperation department. The information was conveyed to the governing body and instructions were given to file the case. It is also reported that the secretary told some people that they would repay the entire amount within a week.
