Financial Fruad: Mavelikkara Taluk Co-operative Bank sacks three employees

ALAPPUZHA: Mavelikkara Taluk Co-operative Bank has sacked three employees of its Thazhakkara branch. The sacked employees are branch manager Jyothi Madhu, senior clerk Bindu G Nair and junior clerk Kuttyseema Sivam in connection with financial fraud case.
The financial fraud of Rs 50 crore is now being investigated by Crime Branch’s economic offence wing , Pathanathitta branch at the behest of the state government.The financial fraud case of the bank has come to the lime light during the internal auditing conducted by the head office of the bank and the cooperative department following some complaints on December , 19, 2016.
The bank authorities said that three employees were sacked based on the report of three member sub –committee constituted by the bank with Kallumala Rajan as the chairman to probe the financial fraud.The committee submitted the report and the report found that Thazhakkara branch’s manager Jyothi Madhu, senior clerk Bindu G Nair and junior clerk Kuttyseema Sivam were involved in the financial cheating.
The sub- committee found that the accused had made fake accounts and took loans. They sanctioned gold loan without receiving gold articles. The sub -committee found that the bank has lost Rs 34.81 crore rupees and the branch has also spent Rs 31 crore without any revenue.