LDF wins all seats in Karuvannur Cooperative Bank polls in Thrissur

The Left Democratic Front (LDF) on Sunday swept all 13 seats in the Karuvannur Service Cooperative Bank, which had come under scrutiny over alleged loan misappropriation and a probe by the Directorate of Enforcement (ED).

Communist Party of India (Marxist) [CPI(M)] leaders in Thrissur said all 13 governing body posts had been won by the party and the Communist Party of India (CPI).

The United Democratic Front (UDF), led by the Congress, did not contest the election, while Bharatiya Janata Party (BJP) candidates had filed nominations in 11 seats.

A total of 3,039 votes were cast, significantly lower than the bank’s over 13,000 members.

The Left Democratic Front (LDF) candidates won by margins of around 1,100 votes over the BJP candidates, CPI(M) leaders said.

Following the alleged loan misappropriation, the bank has been under administrator’s rule since 2020.

The Karuvannur Service Cooperative Bank came into the limelight after depositors alleged that loans were issued in their names to others without proper collateral. The ED later registered a money-laundering case and arrested several accused, including CPI(M) leaders. The Central agency also named the CPI(M) as an accused, along with K. Radhakrishnan, MP; A.C. Moideen, MLA; and certain district leaders.

The Enforcement Directorate has estimated that around ₹180 crore was siphoned off from the bank during the CPI(M) rule.