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The Thiruvananthapuram Cooperative Bank, under the control of the Thiruvithamkoor Cooperative Society, has incurred significant losses by appointing numerous collection agents without proper scrutiny. The cooperative society has revealed this information through its investigation. The bank’s state and district leaders are accused of irresponsibly approving loans without proper verification. There are currently individuals who have taken loans up to 50 lakhs and have not repaid them. The society has a total deposit of 41.73 crores, but due to losses amounting to 32.01 crores, they are facing financial difficulties.
The investigation has revealed a difference of 8.70 crores between income and expenditure. The main office of the society, along with its branches in Manacaud, Kannammoola, and Shasthamangalam, have all accepted loans without proper documentation. Loans have been granted without the inclusion of business licenses, business-related records, and other necessary documents. Many applicants have been granted loans without proper verification and scrutiny, leading to a situation where loans have not been repaid. The society has failed to include the commission paid to collection agents in their reports, leading to discrepancies in the financial records.
The society has incurred losses in various aspects, such as:
– Commission paid to collection agents without approval from the government – 4.11 crores
– Relocation of the Manacaud branch without permission – 2.97 lakhs
– Relocation of the main office without permission – 6.43 lakhs
– Payment of salaries without permission for employees working in the secretariat – 3.21 lakhs
– Mismanagement of funds by providing excessive interest rates on loans – 17.47 lakhs
– Excessive payment of salaries to the Managing Director – 3.48 lakhs
– Accepting checks and promissory notes without proper verification – 19.89 crores
– Creation of additional liabilities by creating excessive assets – 7.53 lakhs
– Failure to implement monthly deposit schemes – 6.84 crores
– Operating branches without continuous approval – 7.52 lakhs
In addition to these financial irregularities, the society’s President, Secretary, and Board members are involved in three cases of financial fraud. The police have taken action against these individuals, with a total of six cases being investigated. A total of 92 individuals are involved in these cases, all of whom are being pursued by the police for their involvement in financial misconduct.
In conclusion, the Thiruvananthapuram Cooperative Bank is facing significant financial challenges due to mismanagement and irregularities in its operations. It is essential for the authorities to take strict action against those responsible for these financial discrepancies to ensure the stability and integrity of the cooperative society.