A fraud of Rs 4.76 crore has been detected at Karadka Agriculturist Cooperative Society in Kasargod, controlled by CPI(M).
The society’s president’s complaint led to a police case against secretary K. Ratheesan, who allegedly issued gold loans on fictitious names.
Ratheesan, now on the run, is the sole accused. This incident coincides with the Enforcement Directorate probing two other cooperative banks in Kerala.