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The Hindu
The Hindu
National
The Hindu Bureau

Multi-crore gold loan fraud in Kerala: Case against secretary of CPI(M)-led cooperative society at Kasaragod

Gold Kasaragod CPI M

A case of fraud has been filed against K. Ratheesan, secretary of the Kasaragod Karadka Agriculturist Welfare Cooperative Society Limited, following allegations that he secured a gold mortgage loan of ₹4.76 crore without the knowledge of the society’s members.

The irregularities were discovered in the cooperative society controlled by the Communist Party of India (Marxist) [CPI(M)], leading to Mr. Ratheesan’s suspension from the party and the filing of non-bailable charges by the Adoor police in Kasaragod.

Mr. Ratheesan, a CPI(M) Mulleria local committee member, is accused of taking gold loans in the names of several members without any collateral. The fraud, uncovered during a departmental inspection, revealed that loans up to ₹7 lakh were taken in the names of various members since January 2024.

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