Senior Citizens, Others Move Kerala High Court Seeking Dues From Scam-Hit Kandala Service Co-op Bank

Several senior citizens holding savings bank accounts and enrolled under various fixed deposit/other schemes in the Kandala Service Co-Operative Bank have approached the Kerala High Court seeking disbursal of monetary benefits due to them.

Notably, the Bank is under scrutiny for alleged irregularities pertaining to several crores of rupees and was raided by the Enforcement Directorate earlier this month. 

Assailing the inordinate delay and inaction on part of the Bank in disbursing monetary benefits, the petitioners have pointed out that despite lapse of considerable periods after maturity of the deposit schemes, the Bank neither released the deposits made, nor considered any of the representations filed by the petitioners in this regard. 

The petitioners also urged that they are in dire need of the money that was deposited for survival. 

In an interlocutory application filed by one of the petitioners seeking disbursal of the monetary benefits on the ground of his wife's medical emergency, Justice N. Nagaresh directed last week that the Bank include the petitioner's fixed deposit amount of Rs.10 lacs in the priority payment list in terms of the priority fixed by the Registrar. 

The matter has been posted for further consideration on December 1, 2023. 

The plea has been moved through Advocate S Nikhil Sankar

Case Title: V. Rajendra Kumar & Ors. v. State of Kerala & Ors., W.P. (C) 27660/2023