All posts tagged: Kannur cooperative society

Kerala: CPI(M)-backed Islamic banking society under scrutiny as complaints mount

Kerala: CPI(M)-backed Islamic banking society under scrutiny as complaints mount

A financial headache is brewing for depositors of a Sharia-compliant cooperative society promoted by CPI(M) leaders in Kannur, with complaints surfacing that some depositors have been unable to withdraw their money, reported IANS.  Kerala Chief Minister VD Satheesan has assured that the complaints will be investigated. However, in a development that adds a twist to the controversy, Nassar, one of the depositors who had openly raised the issue, has now said that his Rs 1 lakh deposit has been returned. He had earlier said that repeated attempts to recover the money had failed and that he had been unable to get a response from M. Shajar, the key promoter of the institution. “I tried calling Shajar, but he is not answering the call. I have no other option but to seek redress through legal means,” Nassar had said, reported IANS.  Depositors’ complaints reach Kerala government The issue came to the government’s notice on Thursday after TK Govindan, the MLA from Thaliparamba, handed over complaints from depositors in the Mayyil area to Chief Minister Satheesan. Govindan …