Gang uses fake gold to swindle Rs 25 lakh from bank

KOCHI: An appraiser of the cooperative department has unearthed a fraud where a gang used fake gold to swindle Rs 25 lakh from the Manjaly East Service Cooperative Bank in Aluva. It is believed that an unholy nexus with bank officials helped the gang in defrauding the bank. Though the bank had lodged a complaint with Aluva West Police on Friday against 11 people, the delay in arresting the accused has irked investors and other bank officials.

As per the complaint, 11 persons pledged fake gold and siphoned off money from the bank. The fraud came to light during a routine examination by the appraiser. The extend of the fraud is still unknown. 
Till the CPM-led LDF captured power four years ago, the bank was ruled by Congress-led committee for about 36 years. The next election is scheduled for 2022.

“Even after receiving the complaint, police have remained mute spectators. An unholy nexus between one of the administration committee members and the racket led to the fraud. The amount defrauded could be larger than Rs 25 lakh. It is suspected that the police’s move is aimed at saving the culprits before next year’s election,” said a former administrative committee member, who preferred to remain anonymous.

However, police refuted the allegations of laxity in the ongoing probe. “We are collecting the evidence and the probe is under way. This is a case of cheating. We can initiate further action only after collecting evidence that corroborates the charges,” said Aluva West CI A Unnikrishnan.

DELAY IN ARREST IRKS INVESTORS
Though the bank lodged a plaint with Aluva West Police on Friday against 11 people, the delay in arresting the accused has irked investors and other officials.