The Kerala Pradesh Congress Committee (KPCC) has moved to ensure that the Communist Party of India (Marxist) [CPI(M)] remained the primary target of the anger of depositors who lost their money to corruption in ruling party-administered cooperative banks.
The KPCC strongly assumed that the CPI(M)-controlled Karuvannur Service Cooperative Bank scam would resonate at the ballot box in the 2024 Lok Sabha polls, especially in the Thrissur parliamentary constituency and perhaps beyond.
Hence, the Congress has sought to place itself at the vanguard of a political movement galvanised by angry depositors who have lost their life savings to cooperative bank scams.
The Congress will put the CPI(M)‘s “shenanigans” in the ruling party-controlled cooperative banks to a public trial in 140 constituencies in November.
The Congress chargesheet against the CPI(M) includes alleged misuse of low-interest credit institutions as a front for large-scale money laundering.
It will spotlight the alleged disbursal of “unsecured loans to CPI(M) favourites”, remortgaging assets put by unsuspecting society members as collateral for loans without their knowledge, rigging auctions, tinkering with interest rates, overvaluing property pledged as indemnity for credit and nepotism in appointments.
The KPCC felt the CPI(M) had Augean corruption charges to defend in the ruling party-run cooperative societies and banks. Hence, it has moved to isolate the ruling party publicly.
For one, the KPCC general secretary (Organisation), T. U. Radhakrishnan, has cracked the whip on Congress workers aligning with CPI(M) members in cooperative bank affairs, including regional committees under the Registrar of Cooperatives.
A KPCC official said Mr. Radhakrishnan had issued the diktat after some CPI(M) cooperative bank leaders in Kozhikode district sought the cooperation of Congress members to stymie possible Enforcement Directorate (ED) investigations into suspected financial shenanigans in ruling-front controlled low-interest credit institutions in the sector.
The Congress felt that any such understanding would dilute the party’s position.
The party also wants to prevent the Bharatiya Janata Party (BJP) from using the bank scam to steal a march over the United Democratic Front (UDF) in Thrissur.
The KPCC was acutely aware that the BJP saw a fighting chance for Suresh Gopi in the constituency now held by Congress MP T.N. Pratapan. ‘
Mr. Gopi had walked 18 km to the bank, expressing solidarity with the depositors. He in a ubiquitous and high-profile political presence in Thrissur. The Congress does not want the BJP leader to dwarf its chances in the constituency.
