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The Hindu
The Hindu
National
The Hindu Bureau

Three arrested in Karadka coop. society fraud case

Cooperative

Three persons have been arrested in connection with a fraud exceeding ₹5 crore at the Karadka Agriculturist Welfare Cooperative Society, which is controlled by the Communist Party of India (Marxist) [CPI(M)].

The suspects include Anilkumar from Kanhangad; Ahammed Basheer, a Pallikara grampanchayat; and Gafoor, a resident of Parakalai. The arrests were made by Inspector Sanjaya Kumar P C of the Adhur police.

The prime suspect, K. Ratheesan, a member of the CPI(M) Mulleria local committee and secretary of the cooperative society, remains at large. Ratheesan is accused of defrauding the cooperative society in three ways: illicitly securing gold loans worth ₹1.68 crore using names of relatives and fictitious individuals without collateral, diverting ₹1.96 crore of cash credit to illegal beneficiaries, and stealing gold jewellery valued at ₹1.12 crore from the bank after his fraudulent activities were exposed.

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