2023-09-27 22:18:26
Iringalakuda ∙ No house of his own, no piece of land. Lives in a rented house and earns a living as a security guard. This is the life of VK Sugathan, former board member who had to face the responsibility of 300 crore fraud in Karuvannur Cooperative Bank. Sugathan says that the fraudsters and top leaders were cheating on him by putting the burden of sin on his head. Sugatan’s only asset is a forfeiture notice asking him to take responsibility for the fraud and pay ten and a half crore rupees with interest.
Karathuparampil Sugathan (58), a native of Moorkanad, lives in a rented house in Vallikanjiram area with his wife and son. Earlier, Karuvannur was on the outskirts of the river. He lived as a CPM worker for a long time. When he had a difference of opinion with the local leadership, he switched to the CPI. In 2011, he joined the bank’s board of directors. The party leadership was informed regarding the transactions of the bank secretary from the third administrative committee meeting. However, the proposal was to proceed through compromise.
Sugathan swears that not a single loan above 5 lakhs has been passed from his area. But the crime branch arrested him and put him in jail for 77 days. His wife Thangam says that he had to take loans from private institutions for the bail amount. 9000 per month is being paid to settle this debt. During his time in prison, he developed high blood pressure and diabetes, and his leg became paralyzed. He regained his mobility following months of treatment. Sugathan also received a forfeiture notice of Rs. Officials came to the house recently to foreclose on non-payment of this amount. However, following seeing Sugatan’s condition, he postponed further action and returned.
English Summary: No house or land, job security; Sugathan’s liability is Rs 10.5 crore
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