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4.85 crore loan fraud; Revenue recovery against UDF governing council

Palakkad: Income restoration towards the previous governing physique of the Kuzhalmandam block-rural credit score co-operative society UDF for defrauding traders and extorting loans with out collateral. An 11-member board of administrators, together with former president and Congress chief N Vinesh, has issued a income restoration discover to the joint registrar (basic) of the co-operative society to repay Rs 4.85 crore.

The Deputy Registrar discovered that the group had incurred a lack of Rs. The board then dissolved and appointed an administrator.

The location was bought towards the discover given by the then governing physique to get better the misplaced quantity. The Co-operation Division approached the Excessive Court docket towards this and moved the location. Subsequently, a discover was issued to get better the quantity. Income restoration discover has been filed for the final 15 days.

The Joint Registrar additionally lodged a grievance with the District Police Chief alleging fraud and cash laundering by the traders. Twenty individuals solid signatures and took loans starting from Rs 10 to Rs 25 lakh. Many mortgage functions had no foundation or authorized recommendation.

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