Three persons have been arrested in connection with a fraud exceeding ₹5 crore at the Karadka Agriculturist Welfare Cooperative Society, which is controlled by the Communist Party of India (Marxist) [CPI(M)].
The suspects include Anilkumar from Kanhangad; Ahammed Basheer, a Pallikara grampanchayat; and Gafoor, a resident of Parakalai. The arrests were made by Inspector Sanjaya Kumar P C of the Adhur police.
The prime suspect, K. Ratheesan, a member of the CPI(M) Mulleria local committee and secretary of the cooperative society, remains at large. Ratheesan is accused of defrauding the cooperative society in three ways: illicitly securing gold loans worth ₹1.68 crore using names of relatives and fictitious individuals without collateral, diverting ₹1.96 crore of cash credit to illegal beneficiaries, and stealing gold jewellery valued at ₹1.12 crore from the bank after his fraudulent activities were exposed.
According to the police, Basheer, who operates a travel and tour agency in Udma, illegally received ₹40 lakh in his bank account from the Karadka society’s cash credit account with Kerala Bank. Anilkumar and Gafoor allegedly assisted Ratheesan in pawning gold jewellery stolen from the bank on May 9. The trio is suspected to be Ratheesan’s accomplices, aiding in laundering the stolen money into real estate investments.
The police are extending their investigation to mobile phone activities in Bengaluru, Hassan, and Shimoga. The case, initially handled by Adhur police, will be transferred to the Crime Branch on Friday, with a team led by Dy.SP Shibu Pappachan taking over.
The District Congress Committee (DCC) has criticised the Cooperative department’s ‘shoddy inquiry’ and plans to march to the Joint Registrar’s office in protest.
