Former Co-operative bank manager gets 10-yr RI for Rs 6 cr financial fraud

Kannur, Jul 30 (Agency) Thalassery Vigilance court on Friday sentenced a former Co-operative Bank Manager to Rigorous life-imprisonment for fraudulent and cheating cases tune to Rs 6.13 crore to the Valapattanam service Co-operative bank through irregularities by providing loans during the period 2008-2014. Judge K K Balakrishnan also slapped a fine of Rs 8.5 lakh against the first accused K P Muhammed Jaseel (47), manager of Valapattanam Service Cooperative bank Manna branch-in charge who resides in Parakandy near Kannur town. From the fine amount, Rs 4 lakh would be remitted to the Valapattanam Service Cooperative Bank Manna branch. The Court found guilty under various sections and awarded 42 years of rigorous imprisonment to Muhammed Jaseel and it would come concurrently as 10 years of rigorous imprisonment.

The court also acquitted four persons including the bank Secretary K P Hamsa, President Saifudheen, Chief accountant Sanitha Kumari and Assistant secretary P V Nisha Kumari from the case due to lack of evidence. Kannur Police arrested Muhammed Jaseel with the help of Interpol from Bangkok in Thailand on September 5, 2017. The cheating was found in auditing following the directions of the Kerala High Court. The Bank Director Board was controlled by the Indian Union Muslim League (IUML) and Congress-led United Democratic Front (UDF) since the formation of the bank.