THIRUVANANTHAPURAM: Cherian Philip, a former left-wing leader, has voiced his concerns, stating that most cooperative banks in Kerala have become the CPI(M)’s gold mines. In a Facebook post, he highlighted the perilous state of these banks due to the CPI(M)’s dominance and misuse of their ruling power.
Cherian Philip stated that, “Cooperative abduction is the new paradigm of the CPI(M). Cooperative banks are being used as a means for leaders to store illicit money, while some other leaders loot the depositors’ funds.”
Cherian Philip mentioned that CPI(M) leaders are continuously looting cooperative banks, much like mining for gold. Consequently, the existence of cooperative banks in Kerala is in jeopardy due to this misuse of power.
Cherian Philip’s post also pointed out that most cooperative bank employees are either party leaders or their benamis. He went on to emphasize that CPI(M) leaders are deceiving farmers by diverting loans intended for agricultural purposes for other uses. He reiterated the precarious existence of cooperative banks in the state due to this misuse of power, which he also underscored in his Facebook post.
Amidst increasing irregularities in cooperative banks, the Enforcement Directorate (ED) has intensified its investigation, with former left-wing colleague and Congress leader Cherian Philip stepping forward with severe criticism.