Thrissur (Kerala), Feb 22 (PTI) The LDF on Sunday swept all 13 seats in the Karuvannur Service Cooperative Bank, which had come under scrutiny over alleged loan misappropriation and an ED probe.
CPI(M) leaders in Thrissur said all 13 governing body posts were won by the party and CPI nominees in the election held at a school in Madyikonam near Karuvannur.
The UDF, led by the Congress, did not contest the election, while BJP candidates had filed nominations for 11 seats.
A total of 3,039 votes were cast, significantly lower than the bank’s over 13,000 members.
LDF candidates won by margins of around 1,100 votes over BJP candidates, CPI(M) leaders said.
Following the alleged loan misappropriation, the bank has been under an administrative committee since 2020.
The Karuvannur Service Cooperative Bank came into the limelight after depositors alleged that loans were issued in their names to others without proper collateral.
The ED later registered a money-laundering case and arrested several accused, including CPI(M) leaders.
The central agency also named the CPI(M) as an accused, along with MP K Radhakrishnan, MLA A C Moideen, and certain district leaders.
The Enforcement Directorate has estimated that around Rs 180 crore was siphoned off from the bank during the CPI(M) rule. PTI TBA SSK
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