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Kerala: Allegations emerge against Angamaly Urban Bank over fraud charges; report

Praveen, a resident of Peechanikad, who has been paralyzed for the past 20 years after an accident was shocked to receive a notice from the Angamaly Cooperative Urban Bank demanding the immediate repayment of a Rs 25 lakh loan.

Kerala: Allegations emerge against Angamaly Urban Bank over fraud charges; report rkn
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First Published Jan 4, 2024, 10:16 AM IST

Kochi: Ernakulam Angamaly Urban Bank is facing charges that its management committee and executives staged a fraudulent scheme using fictitious loans, causing losses for investors and falsely accusing people who never took any loans. These grave accusations have prompted an investigation by the Department of Cooperation.

Praveen, a resident of Peechanikad, who has been paralyzed for the past 20 years after an accident was shocked to receive a notice from the Angamaly Cooperative Urban Bank demanding the immediate repayment of a Rs 25 lakh loan. He has not yet visited the bank. Meanwhile, the notice extended to Praveen's wife, mother, and father, collectively requiring a total payment of Rs 1 crore, adding to the family's distress.

More than 400 individuals, including Praveen, have reportedly received similar notices from the Angamaly Cooperative Urban Bank. Many of these recipients claimed that they had never gone to the bank or applied for loans. The alleged fraud is attributed to the Congress management committee and officials, who purportedly used forged signatures and documents. This has led to a financial setback for investors, prompting protests in front of the bank

Those who are liable without taking loans have complained to the Chief Minister, Cooperation Minister, and officials. Those who have received the notice have decided to intensify their protest with the investors if no strict action is taken. 

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