Allegations of fraud totaling crores have emerged against K Ratheesan, the secretary of the Karadukka Agriculturist Welfare Cooperative Society in Kasaragod district, under the CPM’s jurisdiction. Ratheesan, also a member of the Mulleria local committee, is currently on the run as authorities investigate irregularities amounting to Rs 4.76 crore, uncovered during a cooperative department inspection.
Investigations revealed that Rs 1.79 crore was misappropriated in multiple stages, followed by Rs 2 crore withdrawn through Cash Credit loans from Kerala Bank and Rs 1.13 crore acquired through gold mortgages. A subsequent inspection on April 30 uncovered missing gold pledged under Ratheesan’s wife and mother’s names. Further scrutiny uncovered fraudulent gold mortgage loan documents and the smuggling of gold, with Rs 1.94 crore of the Rs 3 crore Kerala Bank loan unaccounted for.
Reports indicate Ratheesan’s involvement in real estate investments, including land purchases in Wayanad and two flats in Bengaluru, spanning three years of deceit. Ratheesan, currently evading authorities, faces suspension from the CPM’s primary membership as the investigation intensifies.
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