Depositors seek urgent steps to recover money from crisis-ridden Thiruvithamcore Cooperative Society

Depositors have urged Minister for Cooperation V.N. Vasavan to initiate speedy measures to recover their money from the Thiruvithamcore Cooperative Society (No. T-1530), which has been mired in allegations of financial irregularity for the past several months.

Under the aegis of the Thiruvithamcore Cooperative Society Depositors’ Forum, they have also sought action against Bharatiya Janata Party (BJP) leader and former president of the society M.S. Kumar and other administrative committee members.

In a petition to Mr. Vasavan, the forum said that depositors had filed 112 complaints at the Fort and Medical College police stations in Thiruvananthapuram, seeking action against the culprits. The depositors had also lodged complaints with the Joint Registrar (General) and the Assistant Registrar (General), Cooperation department. The forum sought follow-up action against the culprits under Section 68(1) of the Kerala Cooperative Societies Act which dealt with the fixing of responsibility for any loss to the society’s assets.

The forum also noted that the sheer magnitude of the irregularity qualified it for an investigation by the Crime Branch. An earlier investigation by the office of the Assistant Registrar (General) under Section 65 of the Act had revealed that the society had sustained a loss of ₹32.01 crore on account of ‘fund erosion,’ unapproved expenditure and other irregularities. The depositors said they were alerted to the crisis in the society after the report of this investigation came out.

“Majority of the people who have deposited money in the society are ordinary people, who have invested sums of money, including their retirement benefits, over a long period,” the forum said.

They accused Mr. Kumar, who held the president’s post for almost 20 years, and the other administrative committee members of mismanagement, misappropriation of funds and nepotism in connection with the society’s financial affairs. As no one had come forward to take over the administration after the term of the last committee expired in July 2024, the Department of Cooperation had appointed an administrator for the society.