The CPM in Kannur has demoted five local leaders to branch committee members due to financial irregularities at the Kolithattu Service Cooperative bank. The leaders are accused of availing loans worth crores using fake signatures and even deceased account holders’ details. Complaints were received by the assistant registrar, leading to a probe revealing fraud worth crores. Depositors are struggling to withdraw their money, prompting an action council to plan a protest. A dharna will be staged in front of the bank headquarters, with the DCC president set to inaugurate the protest.
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