Perumbavoor Urban Cooperative Society to witness novel election as aggrieved investors set to field panel to seize control

A fight is brewing at the Perumbavoor Urban Cooperative Society due to alleged irregularities of over ₹100 crore. Aggrieved investors are forming a panel to contest the upcoming election to take control of the society. The society, mostly governed by the Congress, faced financial trouble due to fraud in property valuation for loans. Investors have been left empty-handed with withdrawals restricted to emergencies. The Investors’ Protection Committee represents 370 investors who collectively lost ₹106 crore. The Crime Branch has taken over the probe, and several individuals have been held responsible for the irregularities.