CB to issue lookout circular against accused in Angamaly coop. society scam

The agency has found that 422 fake loans have been sanctioned against title deeds of properties often without the knowledge of title holders

The Crime Branch (CB) team investigating the alleged loan scam running into nearly ₹100 crore at the Angamaly Urban Cooperative Society is set to issue a lookout circular against the accused to prevent them from fleeing the country.

The local police have so far handed over two cases with regard to the scam, one lodged by the Joint Registrar of the Cooperative department and the other by an investor, to the CB. So far, four persons, two director board members and an accountant and secretary, have been arrested with regard to the scam.

“As of now, there are 14 accused and that number may increase further once we get to interrogate them. A large number of petitions have been lodged with multiple police stations but all those complaints need not be handed over to us,” said CB sources.

The CB had found that 422 fake loans had been sanctioned against title deeds of properties often without the knowledge of title holders. There are likely to be more arrests as the fraud has been pulled off with the knowledge of director board members and officials.

“So far, nearly 200 petitions have been lodged with the Angamaly and Kalady police stations. Many more are likely to follow suit. The Enforcement Directorate (ED) is also seized of the scam,” said P.P. Chackochan, one of the aggrieved investors.

However, CB sources said they were not aware of the role of the ED. “Anyway the focus of the two agencies are entirely different. While we look into the misappropriation angle, the central agency, if it is involved, will be looking for potential money laundering,” the sources said.

The case initially investigated by the Angamaly police had since been handed over to the CB.

Meanwhile, Francis Thoppil, Joint Registrar General of the Cooperative department, has issued an order to attach the properties of three persons, including a director board member, for defaulting repayment of loans of ₹25 lakh each.

The Investors Protection Committee formed by aggrieved investors of the cooperative society has threatened to intensify its protest till action is taken against all accused and their properties are attached to refund the investors.

As per the initial first information report (FIR) registered by the Angamaly police, the alleged forgery and cheating happened from July 7, 2002. Loans were sanctioned on forged applications as well as applications submitted without requisite documents even in the name of non-members.

The police have arraigned governing committee members and employees, both past and present, of the society governed by the Congress. The committee had since been dismissed and the society remains under the control of administrative committee. The case was registered on a petition lodged by the Joint Registrar General, Cooperative department.

Published - November 27, 2024 06:54 pm IST