Loan fraud at Angamaly Urban Co-op Society: Indefinite protests from today

Kochi: A black-flag protest and demonstration will be held in front of Angamaly Urban Cooperative Society and the houses of those who defrauded investors and the society by not repaying loans worth crores of rupees at 10.30am on Monday. A loan fraud of nearly Rs 96 crore had taken place at the society.An action council of investors decided to begin an indefinite protest in the light of no solutions to their grievances. The protest will be initiated under the leadership of Deposit Protection Committee, said committee president P A Thomas and secretary K V Yohannan. Thomas will inaugurate the protest.The protection committee's main demand is to arrest those who allegedly defrauded the society and confiscate their assets amassed through real estate deals. Using fake documents and false securities, a land mafia group swindled crores of rupees from the society, alleged committee members. Loans were granted in the names of several persons under the security of a single document. A significant portion of the amount was taken by some traders. One trader alone fraudulently obtained loans of around Rs 18 crore under various names, they said.The now-deceased former society president, P T Paul, along with former board members and society employees, colluded in the frauds, alleged committee members.Fake loans were also granted in the names of Paul's relatives. All these people transferred the swindled money abroad. Despite such blatant fraud, police haven't arrested those responsible, the action council alleged. The deposits of about 200 traders and others in Angamaly have been lost. These persons will participate in the black-flag protest against the traders who defrauded the society. The society, based in Angamaly, has branches in Angamaly South and Malayattoor-Kottamam, as well as cooperative labs and medical stores in Angamaly, Angamaly South, Neeleswaram, Sreemoolanagaram, Manjapra and Mookkannoor.