LDF Sweeps Karuvannur Cooperative Bank Elections Amidst Financial Scandal
The LDF secured all 13 seats in the Karuvannur Service Cooperative Bank while the bank is under investigation for alleged loan misappropriation. The controversy began with depositors claiming loans were issued in their names without proper collateral. The ED has registered a money-laundering case involving Rs 180 crore.
- Country:
- India
The Left Democratic Front (LDF) achieved a sweeping victory by capturing all 13 seats in the Karuvannur Service Cooperative Bank's latest elections, overcoming controversies surrounding the institution.
This triumph comes amidst allegations of widespread loan misappropriation, drawing attention from the Enforcement Directorate (ED) and leading to several arrests, including CPI(M) figures. The case revolves around claims from depositors that loans were fraudulently taken out in their names, escalating to an ED probe with charges of money laundering.
The LDF's victory was marked by a significant voter turnout with over 3,000 votes cast, although notably lower than the total membership. While the UDF did not contest, BJP candidates vied for 11 seats, but ultimately fell short by approximately 1,100 votes in each position.
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