Is a CPI-M-controlled cooperative society in Wayanad facing a crisis?
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Synopsis
Tension rises in Wayanad as depositors struggle to retrieve their funds from a CPI-M-controlled cooperative society, just days after leaders faced charges in another banking scandal. The situation has left many individuals feeling anxious and frustrated, unsure of when they will regain their hard-earned savings.
Key Takeaways
- Wayanad's BDS faces serious financial distress.
- Numerous depositors report inability to recover funds.
- Management is under CPI-M leadership.
- Deposit amounts vary significantly among individuals.
- Public protests are being considered by affected depositors.
Wayanad (Kerala), May 29 (NationPress) Just three days after the CPI-M and its prominent leaders faced accusations in the Karuvannur Cooperative Bank scandal, another cooperative society under CPI-M oversight in Wayanad appears to be facing serious challenges. Numerous depositors are reporting difficulties in retrieving their funds.
The CPI-M experienced a significant setback on Monday when the Enforcement Directorate submitted its concluding charge sheet related to the approximately Rs 300 crore Karuvannur Bank fraud, identifying the CPI-M, its solo Lok Sabha representative K. Radhakrishnan, former minister A.C. Moideen, and various other officials as implicated.
The Brahmagiri Development Society (BDS), once led by O.R. Kelu, who was the state SC/ST and Wayanad President, is currently managed by prominent CPI-M figures from the district.
On Thursday, more than two dozen depositors were seen outside the society, expressing their frustration over their deposits not being returned.
"I deposited Rs 19 lakh, which I received as part of my retirement benefits. When I made the deposit, I informed the officials that I might need it back soon due to my daughter's upcoming wedding," a frustrated woman depositor recounted.
"After my daughter’s wedding date was confirmed, I returned to withdraw the money, but each time I was turned away with promises that I would get my funds back. To this day, I have received nothing," she lamented.
Another woman mentioned having deposited Rs 45 lakh with the BDS, and upon requesting her funds, she has only been met with assurances instead of actual payment.
“At this point, despite our efforts to contact Kelu or the BDS officials, none of them are answering our calls. I am determined to get my money back and am prepared to protest outside the BDS office," another distressed depositor stated.
The Wayanad district Panchayat President Samshad Marrakar confirmed that the BDS is entirely managed by the CPI-M.
"People are in a state of panic as their deposits are not being returned, and this issue has persisted for some time. All the senior state leaders of the CPI-M, including state party Secretary M.V. Govindan, are aware of the precarious situation at the society. Besides individual depositors, the BDS also holds funds from several primary cooperative societies, making this a critical concern," Marrakar added.
The BDS was conceived by the late former CPI-M legislator P.V. Varghese Vaidyar. Subsequently, another party legislator, Krishna Prasad, took over its management, expanding into various projects that are currently not performing well. The situation worsened with the onset of the Covid pandemic, leaving depositors in a challenging position.
Point of View
It is crucial to remain impartial and factual. The challenges faced by depositors in the CPI-M-controlled cooperative society highlight the need for oversight and accountability in financial institutions. The Nation aims to keep the public informed and engaged in these pressing matters.
NationPress
09/09/2025
Frequently Asked Questions
What is the current situation with the BDS in Wayanad?
The BDS is facing significant challenges as depositors report difficulties in retrieving their funds, following a recent scandal involving CPI-M leaders.
Who is responsible for the management of the BDS?
The BDS is currently managed by top leaders from the CPI-M party.
How much money is reportedly trapped in the BDS?
Depositors have reported amounts ranging from Rs 19 lakh to Rs 45 lakh that they are unable to retrieve.
What actions are depositors taking to reclaim their funds?
Many depositors are expressing their frustrations publicly and are considering protests to demand the return of their money.
What impact has the Covid pandemic had on the BDS?
The pandemic has exacerbated financial difficulties for the BDS, contributing to the current crisis.
