Is the CPI-M-Controlled Cooperative Society in Wayanad Facing a Crisis?
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Synopsis
In the wake of the Karuvannur Cooperative Bank scandal, another CPI-M-affiliated cooperative society in Wayanad is under scrutiny. Depositors are expressing frustration as they struggle to reclaim their funds. This situation raises critical questions about accountability and transparency within the party's cooperatives.
Key Takeaways
- Depositors in Wayanad are struggling to recover their funds from the CPI-M-controlled BDS.
- The situation echoes the recent Karuvannur Bank scam, raising concerns about financial governance.
- High-ranking CPI-M officials are aware of the troubling circumstances.
- Many depositors have expressed intentions to protest for their rights.
- The impact of the Covid pandemic has exacerbated the financial issues faced by the BDS.
Wayanad (Kerala), May 29 (NationPress) Just three days after leaders of Kerala's ruling CPI-M were implicated in the Karuvannur Cooperative Bank scandal, another cooperative society under CPI-M's control in Wayanad appears to be facing significant issues. Many depositors are reporting difficulties in accessing their funds.
The CPI-M received a harsh blow on Monday when the Enforcement Directorate released its conclusive charge sheet related to the approximately Rs 300 crore Karuvannur Bank scam, naming the CPI-M, its sole Lok Sabha member K. Radhakrishnan, legislator and former minister A.C. Moideen, alongside numerous other leaders as defendants.
The Brahmagiri Development Society (BDS), previously led by state SC/ST and Wayanad President O.R. Kelu, is currently overseen by senior CPI-M officials from the district.
On Thursday, over two dozen depositors gathered outside the society, expressing their frustration about the inability to recover their deposits.
One woman, visibly upset, stated, "I deposited Rs 19 lakh, which I received as part of my retirement benefits. I informed the society officials that I might need the funds quickly due to my daughter’s wedding plans."
She continued, "After my daughter's wedding date was set, I attempted to withdraw the money, but each time I was turned away with promises of future repayment, yet I have not received anything."
Another woman reported depositing Rs 45 lakh with the BDS, claiming that her requests for her money have only been met with empty assurances.
“Despite trying to contact Kelu or the BDS officials, none are responding to our calls. I refuse to back down as I need my money returned and am prepared to protest outside the BDS office,” said another distressed depositor.
Wayanad district Panchayat President Samshad Marrakar remarked that the BDS is entirely under CPI-M's control.
"People are in a state of panic due to the unreturned deposits, and this has persisted for some time. All high-ranking CPI-M officials, including state party Secretary M.V. Govindan, are aware of the precarious situation at the society. Besides individual depositors, the BDS holds funds from multiple primary cooperative societies, making this a critical issue," Marrakar stated.
The BDS was founded by the late former CPI-M legislator P.V. Varghese Vaidyar. Subsequently, another party legislator, Krishna Prasad, took over its leadership, and it expanded into various projects that are currently underperforming. The Covid pandemic further exacerbated its troubles, leaving depositors in a precarious situation.
Point of View
This situation highlights a growing concern regarding the financial stability and accountability of cooperative societies linked to political entities. As depositors face uncertainty, it raises questions about the governance and oversight necessary to protect citizens' investments. This incident reflects broader issues within political and financial systems that warrant close examination.
NationPress
08/06/2025
Frequently Asked Questions
What is the situation at the BDS?
Depositors are struggling to retrieve their funds, with many claiming they have been met with only promises from the society's officials.
Who is responsible for the BDS?
The BDS is currently under the control of senior CPI-M leaders, raising concerns about governance and accountability.
What are depositors saying?
Many depositors express frustration, with some stating they have been unable to access their funds for an extended period.
Is there a connection to the Karuvannur Bank scam?
Yes, the BDS's current predicament follows the recent charges against CPI-M leaders related to the Karuvannur Bank scam.
What actions are depositors considering?
Some depositors are contemplating protests to demand their money back, highlighting their desperation.
