CPM-Linked Bank President Resigns After Exposing Financial Irregularities
Kottayam: In a significant development within Kerala's cooperative banking sector, Ponthamarapilla, the president of Adoor Service Cooperative Bank and a prominent CPM member, has resigned from her position under mounting pressure. This resignation comes after she courageously exposed substantial financial irregularities amounting to over Rs 75 lakh that occurred during the tenure of previous bank administrations.
Press Conference Revelation and No-Confidence Motion
Ponthamarapilla, who is also the wife of former CPM state committee member and ex-Adoor MLA R Unnikrishnapilla, made the resignation announcement during a news conference at the Pathanamthitta press club on Monday. The timing of her resignation is particularly noteworthy as it coincides with a pending no-confidence motion against her that was scheduled for consideration by the bank's governing body. This governing body consists exclusively of CPM members, highlighting the internal party dynamics at play.
She has formally submitted her resignation letter to the assistant registrar of the cooperative department. However, in a revealing statement, Ponthamarapilla disclosed that the bank secretary refused to accept her resignation, indicating potential resistance within the institution's administration.
Discovery of Rs 75 Lakh Irregularities
The financial irregularities came to light after Ponthamarapilla assumed the presidency in November 2024. Subsequent inspections and a comprehensive audit report revealed that irregularities exceeding Rs 75 lakh had occurred during the lengthy tenure of P Ravindran, a member of the CPM Adoor area committee who previously served as bank president. The audit indicated that these irregularities were executed with the support of the acting secretary at that time.
"Despite repeatedly requesting relevant files and documentation, officials were often unwilling to provide the necessary information," Ponthamarapilla stated. "Furthermore, the balance sheet was not presented accurately, concealing the true financial situation of the bank."
Lack of Support and Official Inaction
Even when Ponthamarapilla raised these critical issues within the governing body, she received no support from fellow members. She escalated the matter by filing a formal complaint with the joint registrar of the cooperative society, but unfortunately, no concrete action was taken in response to her allegations.
Meanwhile, numerous complaints emerged from bank customers regarding difficulties in withdrawing fixed deposits and non-receipt of interest payments, further exacerbating the institution's credibility crisis.
Attempts at Recovery and Allegations of Misappropriation
Ponthamarapilla emphasized that she took over the presidency when the bank was experiencing significant financial losses. She actively attempted to improve the bank's condition by recovering outstanding dues and increasing deposit mobilization. Under her leadership, transactions with Kerala Bank were successfully resumed.
In a serious allegation, Ponthamarapilla accused the former president of transferring the bank's deposits to another cooperative society in Adoor, allegedly to benefit family members. She described how governing body members adopted an isolating approach toward her, creating a hostile working environment.
Internal Party Dynamics and Continued Determination
Ponthamarapilla informed various party committees and leaders about the irregularities she discovered, but no investigation or corrective action was initiated. "Instead, members issued a no-confidence motion without consulting the party leadership," she revealed. "No one was willing to question this irregular action within the governing body."
She faced substantial pressure from certain leaders within the bank's governing body for refusing to support or conceal the irregularities. Although she has resigned as president, Ponthamarapilla has not resigned from her position as a board member. She remains determined to prove the existence of these financial irregularities and is committed to fighting corruption within the cooperative banking system.
"I still have full faith in the party and its principles," Ponthamarapilla affirmed, distinguishing between her criticism of specific individuals and her overall party loyalty. She had previously contested unsuccessfully as a CPM candidate in the 27th ward of Adoor municipality during the last local body elections, demonstrating her longstanding political engagement.
