CPI(M) Urges Central Investigation Into A&N Cooperative Bank Corruption, Seeks Board Overhaul
The Communist Party of India (Marxist) [CPI(M)] has called for a central investigation into alleged corruption within the Andaman & Nicobar State Cooperative Bank, urging authorities to supersede the bank’s board over financial irregularities. The demand comes amid growing concerns about mismanagement and fraudulent transactions within the institution.
CPI(M) leaders have accused the bank’s governing body of misappropriating funds, issuing fraudulent loans, and engaging in financial misconduct that has severely impacted depositors. Reports suggest that large sums of money were siphoned off through benami transactions, raising alarms about the integrity of the bank’s operations.
The party has urged the Reserve Bank of India (RBI) and the Enforcement Directorate (ED) to conduct a thorough probe into the matter, ensuring that those responsible are held accountable. CPI(M) leaders argue that the current board must be dissolved to restore public trust and prevent further financial damage.
The demand for a central probe has intensified political tensions, with opposition parties supporting the call for greater transparency in cooperative banking. CPI(M) has also warned that failure to act swiftly could lead to widespread protests from affected depositors and party workers.
Meanwhile, legal experts suggest that if the allegations are proven, the case could result in criminal charges against bank officials and political figures involved in the scandal. The Supreme Court has previously ruled on similar cases, emphasizing the need for strict regulatory oversight in cooperative banking institutions.
The controversy has sparked public outrage, with depositors demanding clarity on their savings and investments. Many fear that the alleged corruption could lead to financial instability, affecting thousands of account holders.
The central government is expected to review CPI(M)’s demands, with the RBI likely to assess the bank’s financial health before taking further action. If a probe is initiated, it could lead to major reforms in cooperative banking governance across the country.
