HC seeks report on bank fraud

The Kerala High Court on Friday directed the joint registrar of Cooperative department to file an affidavit on the steps taken against the accused and erstwhile managing committee members of the Mavelikara Taluk Cooperative Bank where a financial fraud to the tune of ₹38 crore was detected.

Issuing the order, Justice Devan Ramachandran directed that none of the managing committee members should draw any amount as emoluments from the society till further orders. The joint registrar should also file details of the penal action taken against those involved in the case, the court directed.

Though the fraud was detected in 2016, there was nothing on record to show what action was initiated against the officers in charge, the accused and the then managing committee members. No information on the present stage of the arbitration case filed by the society was available, the order said.

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Printable version | Sep 19, 2022 2:00:57 pm | https://www.thehindu.com/news/cities/Kochi/hc-seeks-report-on-bank-fraud/article65762154.ece