The bank sent a notice to him recently as part of the revenue recovery procedure
A customer who had taken loan from Karuvannur Service Cooperative bank committed suicide on July 22, allegedly after he received a notice for revenue recovery from the bank.
The deceased was identified as T.M. Mukundan, 63, of Thelappilly, Karuvannur — a former panchayat member of Porathissery Panchayat. He was found hanging behind his house.
Mukundan had taken ₹30 lakh from Karuvannur Service Co-operative bank many years back. It is reported that he renewed the loan many times for more amounts and finally the loan arrears reached ₹80 lakh.
It is alleged that the bank started a revenue recovery process as he failed to repay the loan. The bank sent a notice to Mukundan recently as part of the revenue recovery procedure.
Congress leaders alleged that the bank was putting pressure on Mukundan to repay the loan. Mukundan was an executive member of the Congress, Irinjalakuda block .
It is reported that the bank has sped up recovery of loans as investigation began into the recent loan scam.
A loan scam worth more than ₹100 crore was unearthed at the Karuvannur Service Cooperative bank a few days back. The Crime Branch is investigating it.
Suicide prevention helpline number: 1056, 0471 2552056
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