Kollam: The government’s negligence towards people continues as a plea for the return of deposit money from a cooperative bank is rejected. The plea was made by C Vijayanathan Pillai, a resident of Thamarakudy, during the Nava Kerala Sadas, aiming to retrieve funds deposited in the Thamarakudy Service Co-operative Bank for his wife’s cancer treatment.
Vijayanathan, who invested Rs 4 lakh in the cooperative bank, has been struggling since 2010 to reclaim his money. Later, it was discovered that the bank had been involved in a scam amounting to Rs13 crore. Despite continuous efforts to retrieve his funds, Vijayanathan has been unsuccessful, compounding his financial struggles, especially after his wife’s cancer diagnosis.
Vijayanathan filed an application during the Nava Kerala Sadas in Kottarakkara last month, seeking the return of his funds. However, the Assistant Registrar (General) of Kottarakkara Co-Operative Society responded, stating that the money could not be returned due to the current financial crisis faced by the bank.
The official letter disclosed that the Thamarakudy Service Co-operative Bank is experiencing a severe financial crisis and has suffered substantial losses in deposits. The bank is reportedly unable to meet even its daily operational expenses. Furthermore, the letter detailed the bank’s plan to return funds to investors by collecting from loan defaulters.
Comments