The Investors Protection Committee formed by aggrieved investors of the Angamaly Urban Cooperative Society has threatened to intensify their protest unless action is taken against those accused in the alleged loan scam worth crores of rupees and their properties are seized to refund investors.
Addressing the media here on Sptember 27 (Friday), office-bearers of the committee had alleged that there was no progress in the probe ordered by the Joint Registrar of the Cooperative department and demanded that it be completed at the earliest. The case registered by the Angamaly police was recently handed over to the Crime Branch.
“In a two-decade-old organisation with 8,000 members affiliated with various political parties, no elections have ever been held, highlighting the political climate that may have facilitated the alleged scam. It was baffling that the LDF government remained a mute spectator to the alleged scam in a society governed by the Congress,” they said
Committee president P.A. Thomas said that around 200 investors had petitioned the Angamaly and Kalady police. Only one of the 20-odd accused has been arrested till day. Over ₹33 crore had been found irretrievable, Mr. Thomas alleged.
According to the initial first information report (FIR) registered by the Angamaly police, the alleged forgery and resultant cheating happened from July 7, 2002 until now. Loans were sanctioned on forged applications as well as applications submitted without requisite documents even in the name of non-members.
The police had arraigned governing committee members and employees, both past and present, of the society. The case was registered on a petition lodged by Jossal Francis Thoppil, Joint Registrar General, Cooperative department. Among the accused, two, including the former president, had died.
The accused were booked under IPC Sections 406 (criminal breach of trust), 408 (criminal breach of trust by clerk or servant), 417 (cheating), 465 (forgery), 467 (forgery of valuable, security, will), 468 (forgery for purpose of cheating), and 420 (cheating and dishonestly inducing delivery of property).
Besides, Sections 13 (1)(a) (a public servant committing the offence of criminal misconduct by habitually accepting or obtaining or agreeing to accept or attempts to obtain from any person for himself or for any other person any gratification other than legal remuneration as a motive or reward) and 13 (2) (Any public servant who commits criminal misconduct shall be punishable with imprisonment for a term which shall be not less than one year but which may extend to seven years and shall also be liable to fine) of the Prevention of Corruption Act have been invoked.
The matter came to light after many members started getting notices from the society asking to repay loans taken in their names but about which they apparently had no clue. In one instance, seven members of a family received notices asking to repay ₹25 lakh each towards loans they had reportedly never taken.
Published – September 27, 2024 07:51 pm IST
