Company Directory - Karuvannur Bank
Company Details - Karuvannur Bank
Karuvannur Bank
India
Karuvannur Bank is a cooperative bank based in Kerala, India, which offers a range of financial services including savings accounts, loans, and other banking products. It has been involved in a controversial scandal regarding illegal loan disbursements, which has garnered significant media attention.
CCI Score
CCI Score: Karuvannur Bank
-51.04
0.03%
Latest Event
Karuvannur Bank Scam Allegations
The article details allegations made in court filings that Karuvannur Bank illegally disbursed loans, with reports that agents pocketed a share of the funds. The Enforcement Directorate’s counter-affidavit cites serious corruption claims linked to the bank, which is already under scrutiny for a controversial loan disbursement scandal.
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QUISLING
Karuvannur Bank is currently rated as a Quisling.
Latest Events
- APR132025
The article details allegations made in court filings that Karuvannur Bank illegally disbursed loans, with reports that agents pocketed a share of the funds. The Enforcement Directorate’s counter-affidavit cites serious corruption claims linked to the bank, which is already under scrutiny for a controversial loan disbursement scandal.
- APR122025
On April 12, 2025, the High Court directed the Kerala Police Crime Branch to investigate allegations that Karuvannur Bank engaged in illegal loan disbursements and maintained undisclosed accounts used to channel funds benefiting politically connected CPM leaders, thereby facilitating a multi-crore scam.
-40
Public and Political Behavior
April 13
The court's directive to probe political figures linked to the scam indicates a troubling entanglement between financial malpractice and political influence, undermining democratic accountability.
Karuvannur Bank scam: HC directs Crime Branch to probe top CPM leaders
-70
Business Practices and Ethical Responsibility
April 13
The bank is accused of facilitating illegal loans and maintaining undisclosed accounts to benefit politically affiliated entities, representing a severe breach of ethical business practices and accountability.
Karuvannur Bank scam: HC directs Crime Branch to probe top CPM leaders
-30
Economic and Structural Influence
April 13
The misuse of banking facilities to run undisclosed, illegal financial operations not only undermines public trust but also destabilizes the broader economic structure, exerting negative structural influence.
Karuvannur Bank scam: HC directs Crime Branch to probe top CPM leaders
- APR112025
The Kerala High Court has directed a comprehensive investigation into the Karuvannur Co-operative Bank scam, which involves allegations of illegal loan disbursements and potential shielding of political figures. The court has mandated the crime branch to probe all accused, including politicians mentioned in the ED's complaints, signaling serious concerns over corporate governance and collusion with political interests.
-40
Public and Political Behavior
April 13
The directive to investigate political figures alongside bank officials indicates potential political shielding and conflicts of interest that undermine accountability and transparency, reflecting negatively on the bank’s public and political behavior.
-50
Business Practices and Ethical Responsibility
April 13
The allegations of illegal loan disbursements point to deeply unethical business practices. Such actions not only breach standard operational ethics but also potentially exploit vulnerable stakeholders, thereby compounding the bank's complicity in the scandal.
- APR102025
The Kerala High Court expressed its dissatisfaction with the prolonged police investigation into the Karuvannur Bank fraud case, where allegations suggest that around ₹300 crore was siphoned off from investors. The court rejected the government’s justification citing document seizure by the Enforcement Directorate, raising concerns over the bank's business practices and accountability.
-50
Business Practices and Ethical Responsibility
April 13
The delayed investigation into a significant fraud case involving alleged illegal loan disbursements and investor losses reflects serious shortcomings in ethical business practices. Such practices undermine public trust and suggest a lack of corporate accountability, which is particularly concerning given the broader context of corporate responsibilities in maintaining financial integrity.
Kerala HC unhappy over non-completion of police probe into Karuvannur bank fraud
- MAR162024
The Enforcement Directorate informed the Kerala High Court on March 16, 2024, that its investigation into financial irregularities at Karuvannur Service Cooperative Bank uncovered illegal loan disbursements carried out without proper regulatory approvals, a scandal also seen in 12 other cooperative banks in Kerala.
-60
Business Practices and Ethical Responsibility
April 13
The bank has been implicated in significant ethical breaches by disbursing illegal loans without necessary regulatory approvals, undermining both public trust and the integrity of the cooperative banking system. Such unethical business practices contribute to financial instability and erode accountability, reflecting poorly on corporate ethical responsibility.
Karuvannur probe revealed similar frauds in 12 other cooperative banks: ED tells Kerala High Court
- JAN172024
An ED affidavit reveals that Karuvannur Bank, a cooperative bank in Kerala, engaged in disbursing illegal loans, maintaining unauthorized accounts, and granting memberships improperly. The proceeds from these fraudulent practices were channeled to fund local CPM political activities, highlighting deep-rooted corruption and unethical business practices.
-40
Public and Political Behavior
April 13
The affidavit details how illicit bank accounts and illegal financial practices were used to funnel funds to politically connected committees, thereby undermining public trust and transparency in political processes.
-80
Business Practices and Ethical Responsibility
April 13
Investigations detail widespread unethical business practices including unauthorized memberships, repeated loans against the same collateral, and suspicious commission collections. These actions constitute a severe breach of ethical responsibility and damage the integrity of business operations.
-30
Economic and Structural Influence
April 13
The systemic financial irregularities, including the misuse of bank accounts and evasive regulatory practices, reflect broader structural issues that compromise the bank’s economic reliability and contribute to a corrupt financial ecosystem.
- SEP182023
ED raids at cooperative bank locations in Kerala, including Karuvannur Bank, have revealed serious allegations of illegal loan disbursements, signature forgery, and money laundering. The investigation also highlighted political interference, with claims that top CPI(M) leaders were involved and that former directors were scapegoated to shield higher-ups.
-60
Public and Political Behavior
April 13
The investigation reveals misuse of political influence where bank officials and politically connected individuals appear to be involved in fraudulent activities, raising concerns about regulatory capture and the politicization of financial misconduct.
-80
Business Practices and Ethical Responsibility
April 13
Karuvannur Bank is implicated in extensive fraudulent practices such as illegal loan disbursements, forged signatures, and money laundering, which severely breach ethical business standards and undermine the integrity of the financial system.
- AUG222023
An Enforcement Directorate raid in Kerala uncovered extensive fraudulent practices at Karuvannur Bank related to illegal loan disbursements, tampering with interest rates, faked signatures, benami transactions, and remortgaging of properties leading to an alleged embezzlement of Rs 300 crore. The investigation, tied to the bank’s long-standing CPI(M) control, highlights deep-rooted ethical violations within the cooperative bank.
-70
Business Practices and Ethical Responsibility
April 13
The bank’s involvement in multiple fraudulent activities—including illegal loan approvals without proper collateral, manipulation of interest rates, forgery, and benami transactions—demonstrates a severe breach of ethical banking practices. Such actions undermine public trust and accountability, inflicting financial harm on vulnerable communities. This unethical behavior earns a strongly negative rating under Business Practices and Ethical Responsibility.
Explained: The infamous Kerala cooperative bank scam and its political nexus
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