Express News Service
MK Biju, former manager of Karuvannur Service cooperative bank is the kingpin of the Rs. 300 Cr loan scam reported from the bank in Thrissur.
The departmental probe conducted by Irinjalakuda cooperation assistant registrar Omana KL has unearthed several procedural irregularities in disbursing loans of Rs. 50 lakh and above.
Large scale manipulation of records including forging of signatures, absence of security and bypassing officials concerned happened behind the passing of each such loan and Biju was a common factor in all those.
Bijoy and Jills, two other employees of the bank, were also active partners of the cartel. Their friend Kiran who is not an employee of the bank had been part of several illegal deals related to availing unauthorized loans. The probe also found that the employees used the huge sums obtained as illegal loan for investing in tourism and retail business. Bijoy and Jills have…