SWINDLING IN A NUMBER OF KERALA BANKS

When Karuvannur bank case first came to lime light it was taken as banking anomaly. The amount involved was about Rs 300 cr. Consequent upon the investigation by the central agency it is found to be a clear case of theft of public money. The amount lost by the criminal activities by the bank's own officials is reported to be over Rs 700 cr. It is not Karuvannur bank alone now, but there are about ten banks in the state have been used by the political criminals. The total loss of money stolen by these thieves, the number of victims and the exact amount lost by each is yet to be found. More important is the actual number of criminals involved in this is yet to be identified.

Since it is a very serious matter and the recurrence of such crimes should be got rid of at any cost it is suggested that the Central Finance Ministry make take this as a serious issue and take appropriate remedial measures. It would be preferable if the Reserve Bank may nominate suitable officials to supervise the financial activities of the banks on a daily basis. An official may have five to six banks under his overall supervision. The Ministry may arrange this on red hot priority. 

This is not to be considered as a political matter. It is absolutely a criminal activity and therefore, all those involved in this directly or indirectly should be put behind bars without any delay.

K V George