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The fence itself eats the harvest; High Court rules against Chengalam Bank loan scam

The Excessive Court docket has stated that the mortgage rip-off perpetrated by the previous president of the Chengalam Service Co-operative Financial institution is an efficient instance of the work being achieved. The Excessive Court docket Division Bench referred to the case of Congressman Jose Antony himself within the title of his spouse, youngsters, relations and buddies who had fraudulently borrowed greater than the worth of the property and defaulted on the financial institution.

The co-operative society has requested Asst. The Registrar was directed by the Single Bench. A division bench comprising Justice PB Suresh Kumar and Justice CS Sudha allowed the enchantment filed by the financial institution towards the unlawful and illegal motion taken towards the financial institution. A number of people had taken loans of Rs 2.08 crore every, mortgaging 96.79 cents of land within the title of Jose Antony and his spouse. Nobody repaid the brand new paisa. Corona stated the rationale. Subsequently, the financial institution initiated arbitration proceedings. The irregularities befell throughout 2016–17. The enchantment states that the financial institution was at a loss because it couldn’t even repay the deposit resulting from non-repayment of the mortgage. Jose Antony was the president of the financial institution for fifteen years from 2004 to 2019.

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