The District Joint Registrar of Cooperative Societies (General) has directed the 14 accused in the multi-crore Mavelikara Taluk Cooperative Bank financial fraud case to repay ₹38.73 crore towards the loss suffered by the bank.
The scam in the Thazhakara branch of the bank came to light following an internal audit conducted by the bank and the Cooperative Department based on complaints filed by some customers in 2016. Later an investigation by the Crime Branch revealed that the accused — bank officials and governing committee members — created fake and dummy accounts and siphoned off huge amounts in the form of loans from the bank. The accused also sanctioned gold loans without depositing articles.
The joint registrar has asked Jyothi Madhu, former manager of the branch, to pay ₹12.06 crore. He also directed Bindhu G. Nair, former cashier, to pay ₹9.54 crore.
Kuttyseema Sivam, former clerk (₹9.56 crore), Annamma Mathew, former secretary, Mavelikara Taluk Cooperative Bank (₹3.25 crore); and V. Prabhakaran Pillai (late), former president, Mavelikara Taluk Cooperative Bank (₹3.25 crore) have also been asked to repay the amounts.
The other nine accused have been asked to pay between ₹26.63 lakh and ₹20,569.
