Graft charge against ex-chairman of City Cooperative Bank

The new administrative panel of the Karuvanthiruthy Service Cooperative Bank has come up with allegations of corruption against C.N. Vijayakrishnan, former chairman of Calicut City Service Cooperative Bank and chairman of MVR Cancer Centre.

K.M. Basheer, the new chairman of Karuvanthuruthi Bank, told reporters here on Monday that Mr. Vijayakrishnan had drawn the bank into unnecessary legal issues. He, along with some friends, had filed five petitions against it, which had all been dismissed by the Kerala High Court after a hearing on March 9.

Mr. Basheer said that Mr. Vijayakrishnan and his friends had used the cooperative movement as a cover for their unlawful deeds. Based on an audit of the Department of Cooperatives at the Calicut City Cooperative Bank in March 2019, Mr. Basheer said that the bank had given around ₹650 crore as loan to MVR Cancer Centre.

The Cancer Centre was running at a loss of ₹209 crore. Ladder, a construction firm chaired by Mr.Vijayakrishnan, was running at a loss of ₹50.84 crore, Mr. Basheer claimed. Ladder was also functioning on a loan from City Cooperative Bank, he said.

Bank’s response

Meanwhile, the Calicut City Service Cooperative Bank, issued a statement on Tuesday that the bank had given a loan of ₹600 crore to MVR Cancer Centre at Chathamangalam with the State government’s permission and that centre, with a value of around ₹800 crore and growing popularity among the public, had not defaulted in the repayment of the loan in instalments. Similarly, the bank had given a loan of ₹60 crore to Ladder, while it had a value of around ₹500 crore.

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Printable version | Sep 25, 2021 2:38:36 AM | https://www.thehindu.com/news/cities/kozhikode/graft-charge-against-ex-chairman-of-city-cooperative-bank/article34202050.ece

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