The decision to hold Karuvannur Service Cooperative Bank elections is a deliberate attempt by the Left Democratic Front (LDF) government to divert attention from one of the biggest financial scams in the cooperative sector, alleged Thrissur District Congress Committee (DCC) president Joseph Tajet.
Addressing the media here on Wednesday, Mr. Tajet criticized Chief Minister Pinarayi Vijayan for maintaining a “conspicuous silence” on the Sabarimala gold dispute during his address at the inaugural meeting of LDF South Region Vikasana Munnett Jatha in Chelakkara. He noted that despite speaking for over an hour, the Chief Minister did not say a single word on the issue affecting thousands of devotees.
In a parallel, he said that the Karuvannur bank scam was another example of the government shielding the culprits. Instead of clearing itself of the facts, the government has now rushed into the election to create a smokescreen and bury the truth.
‘In uncertainty’
Depositors, he emphasized, continue to live in uncertainty. While initial reports put the fraud at around ₹400 million, Cooperation Minister VN Vasavanlater informed the Assembly in response to a submission by MLA T. Siddique in November 2025 that the loss was ₹268 million. “Even today, no one knows how much money is actually owed, how much will be repaid, or when,” he said.
It is under these circumstances, Mr. Tajet argued, that the government is pushing the bank for the February 22 election and is openly challenging depositors and the public. With the Communist Party of India (Marxist) (CPI(M)) enjoying a numerical majority among its members, the same leadership is expected to return to power, allowing the government to wash its hands of responsibility.
He further alleged that there was a political conspiracy involving both the Bharatiya Janata Party (BJP) and the CPI(M) in the Karuvannur case, claiming that despite investigations by the Enforcement Directorate and the Crime Branch, several party leaders arrested in connection with the scam had secured bail. The CPI(M), which has controlled the bank since 2000, bears full responsibility for the scam, he alleged.
The DCC president demanded that the government publish a white paper detailing the bank’s current financial situation and clearly state whether depositors’ money can be repaid in full. In protest against what he termed the government’s anti-depositor stance, he announced that the Congress would boycott the Karuvannur Bank elections.
Published – 04 Feb 2026 20:36 IST
