Angamaly Cooperative Scam: Investors Threaten Intensified Protests Amid ₹96-Crore Fraud Probe

Aggrieved investors of the Angamaly Urban Cooperative Society have threatened to intensify protests under the Depositors’ Protection Committee following an alleged ₹96-crore fraud. The Crime Branch has launched an investigation into the scam, resulting in the arrest of approximately ten individuals, including former board members and staff. The fraud, which came to light after the death of former society president P.T. Paul, involved sanctioning 422 fake loans against property title deeds, often without owners' knowledge. Prominent local traders allegedly siphoned funds for real estate investments, failing to repay deposits. For three years, depositors have struggled to access their savings, impacting critical life events like marriages and medical treatments. During a recent black flag march in Angamaly, committee president P.A. Thomas urged the Merchants’ Association to expel defaulting traders. The committee demands the arrest of those using forged documents, attachment of their properties, and action against cooperative officials who issued misleading audit reports. They are also seeking government intervention and an Enforcement Directorate probe to recover lost funds. This ongoing crisis highlights significant regulatory failures within the cooperative sector, leaving many families in financial distress while accused beneficiaries allegedly profited from illegal activities supported by land mafia elements.