Kerala

Jaleel accuses Kunhalikutty of 1,021-cr. bank fraud

Former Minister for Higher Education K.T. Jaleel has accused Indian Union Muslim League (IUML) national general secretary P.K. Kunhalikutty, MLA, of making fraudulent transactions to the tune of ₹1,021 crore through a cooperative bank in Malappuram.

Addressing the media here on Monday, Dr. Jaleel said the Cooperative Department had detected transaction of illegal funds to the tune of ₹1,021 crore in the A.R. Nagar Service Cooperative Bank. “Mr. Kunhalikutty and his benami and former bank secretary V.K. Harikumar are the kingpins of this fraud,” he said.

‘₹144 cr. in 10 years’

Dr. Jaleel accused Mr. Harikumar of helping the IUML general secretary launder his illegal money by creating 862 fake accounts using 257 customer IDs. “The inquiry report says that illegal transactions to the tune of ₹114 crore had taken place in the last 10 years.”

“The Income Tax wing could find so much fraud in a random examination of the 257 customer IDs. If they check all customer IDs, it will unfold one of the biggest scams the country has witnessed. Mr. Kunhalikutty and his team have made this their Swiss bank in the State,” Dr. Jaleel said.

50,000-odd members

He said the bank would have to pay a fine equivalent to ₹1,021 crore. “If the bank crashes because of that, Mr. Kunhalikutty and his team will be responsible to the 50,000-odd members of the bank. The government should levy ₹1,021 crore from Mr. Kunhalikutty and his team to save the bank.”

Dr. Jaleel demanded that the government initiate a thorough investigation into all the transactions and deposits in the bank, which has nearly 80,000 accounts.

He also alleged that Mr. Kunhalikutty and V.K. Ebrahim Kunju might have shifted the kickbacks they got from a Travancore Titanium Products’ deal when they were Ministers of Industries in the State. “The possibility of the stacking illegal money they collected from Malabar Cements and Kerala Minerals and Metals Ltd. cannot be ruled out,” he said.

He said Mr. Kunhalikutty’s son Ashique had deposited ₹3 crore in the bank by flouting rules. “The bank also gave a ₹50-lakh loan to former Tanur MLA Abdurahman Randathani,” he said.


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Printable version | Nov 27, 2021 3:24:24 PM | https://www.thehindu.com/news/national/kerala/jaleel-accuses-kunhalikutty-of-1021-cr-bank-fraud/article36321782.ece

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