Thallassery: The prime accused in multicrore loan scam, at Valapattanam Service Cooperative Bank controlled by UDF,  received 10 years of rigorous imprisonment an fine of Rs 8.5 lakhs. The sentence was handed by Vigilance Court on Friday punishing the bank’s Manna Branch Manager KP Muhammad Jaseel resident of  Jams House.

The court let off four others arraigned in the case – Bank Secretary NP Hamsa, President and Muslim League leader saifuddin, Bank Chief Accountant Sanithakumari and Bank Asst.Secretary PV Nishakumar – on benefit of doubt.

The verdict comes over case involving Rs 6.13 defrauded in loans from the Valapattanam bank.  The court had pronounced 42 years of imprisonment on various counts.  Since the punishments were spelt  concurrent, the term consolidated to a total of 10 years of rigorous imprisonment. There are 11 more related cases pending verdict. The case was investigated by Valapattanam police. A team headed by…

Read more…