The Thiruvithamkoor Cooperative Bank in Thiruvananthapuram has recently been embroiled in a major financial scandal, with deposits exceeding Rs 10 crore being reported as missing. The Thakarapparambu branch of the cooperative society, under the control of the BJP, is at the center of this deposit scam. Following complaints from depositors, the Fort police have initiated an investigation into the matter, leading to the registration of a case against the bank’s president and secretary.
The depositors who have suffered losses due to this scam have come forward to lodge their complaints, with 85 individuals currently providing statements at the Fort police station. Among them, three individuals have already had their complaints registered, with the first case being filed by a depositor named T. Sudhadevi, who has reported a loss of Rs 8.5 lakhs. These depositors had invested their money in various schemes offered by the bank starting from March 2017, only to find themselves at a loss when the maturity period ended in April 2024.
It has been revealed that a total of 92 individuals have been affected by this scam, with many of them forming WhatsApp groups to discuss their grievances. Depositors who had invested amounts ranging from Rs 50 lakhs to smaller sums in schemes like PF and Gratuity are now facing financial uncertainty. The cooperative society, which has been operational since 2004 with branches in places like Manacaud, Shasthamangalam, and Kannammoola, is now under scrutiny for its handling of funds.
In light of the magnitude of the financial losses reported, an audit report has indicated that the cooperative society has incurred a loss of Rs 32 crore. The members of the governing body have been urged to take responsibility for the significant failure that has led to this financial crisis. The cooperative registrar’s office inspector, M.S. Devasenan Nair, has highlighted the need for a thorough investigation into the matter to hold those responsible accountable.
As the investigation progresses, the Economic Offenses Wing of the Crime Branch is likely to take over cases involving losses exceeding Rs 3 crore. The Fort police commissioner will be submitting a report on the matter to further the investigation. It is evident that stringent action needs to be taken to address the financial irregularities within the cooperative society and ensure justice for the depositors who have been affected by this scam.