Thrissur (Kerala), February 22 The LDF swept all 13 seats in the Karuvannur Service Cooperative Bank on Sunday, following scrutiny over alleged loan misappropriation and an ED investigation.
CPI(M) leaders in Thrissur said that 10 of the 13 positions on the governing body were won by CPI(M) and CPI nominees in the election held at a school in Madyikonam near Karuvannur.
The UDF, led by the Congress, did not contest the election, while BJP candidates had filed nominations for 11 seats.
A total of 3,039 votes were cast, significantly lower than the bank's over 13,000 members.
LDF candidates won by margins of around 1,100 votes over BJP candidates, CPI(M) leaders said.
Following the alleged loan misappropriation, the bank has been under an administrative committee since 2020.
The Karuvannur Service Cooperative Bank came into the spotlight after depositors alleged that loans were issued in their names to others without proper collateral.
The ED later registered a money-laundering case and arrested several accused, including CPI(M) leaders.
The central agency also named the CPI(M) as an accused, along with MP K Radhakrishnan, MLA A C Moideen, and certain district leaders.
The Enforcement Directorate has estimated that around Rs 180 crore was siphoned off from the bank during the CPI(M) rule.