Mavelikkara Taluk Co-operative Bank sacks employees for fraud

Mavelikkara Taluk Co-operative Bank has sacked three employees of its Thazhakkara branch. The sacked employees are branch manager Jyothi Madhu, senior clerk Bindu G Nair and junior clerk Kuttyseema Sivam in connection with financial fraud case.

The financial fraud of Rs 50 crore is now being investigated by Crime Branch’s economic offence wing, Pathanathitta branch at the behest of the state government. The financial fraud case of the bank has come to the lime light during the internal auditing conducted by the head office of the bank and the cooperative department following some complaints.

The bank authorities said that three employees were sacked based on the report of three member sub -committee constituted by the bank with Kallumala Rajan as the chairman to probe the financial fraud.