Thiruvithamcore Cooperative Society: Thiruvithamcore Cooperative Society fraud: Depositors demand EOW probe amid financial irregularities | Thiruvananthapuram News

Thiruvananthapuram: Thiruvithamcore Cooperative Society Depositors Forum has submitted a request to the Chief Minister and the Director General of Police (DGP), urging them to expedite the process of transferring the investigation into the corporation’s fraud case to the Economic Offenses Wing (EOW) of the Crime Division.
Similar requests were also made to the chief secretary and the minister concerned. In its appeal, the forum said that despite filing more than 150 complaints, no decisive action has been taken to hand over the investigation to the EOW.
“It has been almost two months since the police started registering cases, and the company is now under the control of an administrator. Yet suspicious transactions continue to occur behind the scenes, unchecked. The accused are even pushing to organize elections to regain control of the management of the company, and the ministry seems to support this approach. If the accused regain power, the investigation will be compromised,” the forum said.
The forum also accused the company of receiving unauthorized funds from multiple sources. “As per regulations, the company is supposed to deposit the incoming funds with Kerala Bank, but the accused use this money to settle transactions with depositors who have not filed complaints. Despite numerous complaints, no meaningful action has been taken was taken. The police, in collusion with the accused, are pressuring the depositors not to file a complaint,” the forum added.
Hundreds of depositors were denied both interest payments and principal repayments. A preliminary investigation by the cooperative department revealed financial irregularities amounting to Rs 32 crore. The company’s administrative committee violated regulations by granting large loans, and when these loans went unpaid, it led to the company’s financial collapse. The fraud came to light when some depositors stopped receiving interest and demanded their money back, sparking protests for the return of their funds.