CPI(M) Central committee member and former Minister A.K. Balan on Saturday called upon the employees of the Kerala State Financial Enterprises (KSFE) to be vigilant against the creation of fake chits in the company using forged names and signatures to meet business targets.
Addressing the 17th State convention of the KSFE Officers’ Union here, Mr. Balan said that with the hostile policies of the Union government, the Directorate of Enforcement (ED) was looking for an opportunity to enter into the fray.
“No one should infer that the ED would not come here. You are also aware of the approach of the central government towards the cooperative sector. You should also think about the financial issues resulted through such activities,” said Mr. Balan. He also said that the unfair practice would emerge as a threat to the existence of the firm.
The senior CPI (M) leader also criticised the practice of opening more branches without any study. “There would not be any financial gain with the creation of such branches. I am not mentioning this to put the blame on anybody,” he clarified.
According to Mr. Balan, the KSFE officers were aware of all the issues within the firm and the wrong trends. “There should be corrective measures based on the criticisms and observations,” he demanded.
Mr. Balan also claimed that there were issues within the KSFE Cooperative society even before the surfacing of the Karuvannur bank issue. He pointed out that all those issues were addressed with very strong corrective actions for the wellbeing of the cooperative firm.
Later speaking to the media, Mr. Balan said there were no cases of fake chits reported in the KSFE within the last one year under the pretext of meeting any target.
“In the newly launched ₹502 crore diamond chit scheme, there are 2.5 lakh subscribers. There are no fake identities. Even if there are any, including officers who support such activities, there will be measures to expose it,” he said.
