The November 7 raid against board members and directors of the Nemom Co-operative Bank in Thiruvananthapuram, linked to some CPM leaders, has unearthed misappropriation of funds worth over Rs 50 crore, the ED said on Monday, in which the then office-bearers were found involved in forged documents, sanctioning loans beyond permissible limits, siphoning off funds and overall financial mismanagement, leading to the bank failing to pay deposit liabilities.
ED finds Rs 50 crore scam in Kerala co-op bank
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