Thallassery: The prime accused in multicrore loan scam, at Valapattanam Service Cooperative Bank controlled by UDF, received 10 years of rigorous imprisonment an fine of Rs 8.5 lakhs. The sentence was handed by Vigilance Court on Friday punishing the bank’s Manna Branch Manager KP Muhammad Jaseel resident of Jams House.
The court let off four others arraigned in the case – Bank Secretary NP Hamsa, President and Muslim League leader saifuddin, Bank Chief Accountant Sanithakumari and Bank Asst.Secretary PV Nishakumar – on benefit of doubt.
The verdict comes over case involving Rs 6.13 defrauded in loans from the Valapattanam bank. The court had pronounced 42 years of imprisonment on various counts. Since the punishments were spelt concurrent, the term consolidated to a total of 10 years of rigorous imprisonment. There are 11 more related cases pending verdict. The case was investigated by Valapattanam police. A team headed by DySP KK Moideenkutty conducted the probe. A police team headed by Kannur DySP P Sadanandan nabbed the prime accused with help of Interpol after he fled the country.
At the bank governed by UDF for decades, the investigation team had come upon loan fraud to the tune of Rs 10 crores. Operatives of the fraud comprised Muslim League leader and the bank’s President, Secretary, directors and employees.
