The Kerala High Court has granted bail to a former member of the Board of Directors of the Karuvannur Co-Operative bank in six cases arising out of the over Rs 100 crore loan scam in the CPI(M)-controlled bank.
The conditional relief was granted to the accused as he was suffering from various ailments including Glaucoma and had also undergone a throat surgery.
”Therefore, taking into account his health condition, I am inclined to release him on bail,” Justice Shircy V said.
The high court granted the relief to 62-year old Jose C A subject to his executing a bond of Rs 5,00,000 with two solvent sureties for the like sum in each of the six cases in which he is an accused.
It also directed him to deposit a sum of Rs 2,00,000, in each of the six cases, in the jurisdictional court within two weeks of his release.
Additional Director General of Prosecution and senior advocate Grashious Kuriakose and government pleader C K Suresh, appearing for the state of Kerala and the police, told the court that the accused colluded with the other co-accused ”with a dishonest intention to cheat the bank as well its depositors.” They also told the court that the accused deliberately violated the provisions prescribed in the Kerala Co-operative Societies Act and Rules and the provisions of the bank’s bye-laws, committed forgery and siphoned off huge amounts from it.
”They (all the accused) have created fake membership forms and granted more than one loan to the same person…