Unkept promises leave scam-hit Karuvannur Coop Bank investors high and dry
The Karuvannur Cooperative Bank at Irinjalakuda in Thrissur district was built upon the toil and sweat of the common man. Today, those who had invested in the bank are a desperate lot, knocking at doors to get their money back.
The bank grabbed headlines after several borrowers received recovery notices for amounts greater than they had borrowed. The borrowers approached the registrar of cooperatives and a probe unearthed a multi-crore scam.
The government stepped in, and pacified the worried investors. “The investors will not lose their money,” V N Vasavan, Minister for Cooperation and Registration, assured them. “It has been decided to form a consortium of…