The CPI(M) State secretariat has demoted two party leaders, Kunnamkulam MLA Babu M. Palissery and his brother Balaji M. Palissery, as part of disciplinary action in connection with an investment fraud case.
The Rs.2,000-crore Kololambu investment fraud occurred during the previous LDF rule. There were allegations that the party was protecting those who were involved in the infamous case.
The action was taken on a report submitted by a committee comprising K. Radhakrishn, MLA, and district secretariat member K.K. Ramachandran.
The committee found that Mr. Babu had failed to bring the information about the fraud to the notice of party district secretary. While Mr. Babu was demoted to the district committee from Thrissur district secretariat, his brother was demoted from the district committee to the Kunnamkulam area committee.
