7 hours ago
Residents' assn wants governing body out
T'puram: The Federation of Residents Association in Nemom Sector (FRANS) urged govt to dissolve the incumbent governing body of Nemom Service Cooperative Bank and bring the governance of the society under administrative rule.
Financial fraud of around Rs 62 crore was reported in the bank recently.
The federation office-bearers said over 300 people did not receive their welfare pension released by govt recently, as the bank engaged for the distribution failed to carry out the task. The bank's incumbent president was keeping away from the office for some time to avoid regular arguments with the investors trapped in the scam.
Since the society was facing investigation by multiple agencies, none of the officials was ready to take over the bank secretary role.
"The welfare pension distribution has come to a grinding halt. Although FRANS informed the cooperative department authorities about the issue, there was no action," the federation president Mannankal Ramachandran and general secretary R Vijayan Nair said in the representation submitted to local MLA and general education minister V Sivankutty and cooperation minister V N Vasavan.
