Kasaragod: The CPM-controlled Karadka Agriculturist Welfare Cooperative Society's secretary Ratheeshan K (38), who is accused of defrauding and robbing the society of Rs 4.76 crore, has got default bail because the investigating agency did not file the charge-sheet in the stipulated time. Ratheeshan was granted bail by the High Court. With this, all six accused are out on bail. The case is being investigated by the Economic Offences Wing of the State Crime Branch.
The case was registered by Kasaragod's Adhur Police on May 13, four days after Ratheeshan came to the society during lunch break and walked out with the 2656 grams of gold jewellery pledged by 41 members.
Ratheeshan, who has been the society's secretary since 2011, was on forced leave when he allegedly robbed the bank by threatening two female employees on May 9. Till the crime came to light, he had also been a member of CPM's Mulleria Local Committee.
According to the FIR, registered on a complaint filed by the society's president Soopi K, Ratheeshan had defrauded the society since April 29. Soopi said Ratheeshan illegally took gold loans worth Rs 1.68 crore in the names of his relatives and fictitious persons without collateral. He also diverted Rs 1.96 crore of cash credit from Kerala Bank to illegal beneficiaries. But instead of reporting the crime, the CPM's local leadership asked Ratheeshan to go on leave and gave him one week to return the money. He allegedly robbed the bank during that window and went into hiding.
On May 16, Adhur Police led by the then Station House Officer - Inspector Sanjay Kumar PC arrested three persons -- Ahammed Basheer (58), an IUML leader and Pallikkara grama panchayat member; his driver A Abdul Gafoor (26) of Parakalai in Kodom-Bellur grama panchayat; and Anil Kumar (55) of Nellikkat near Kanhangad -- in connection with the crime. (Anil Kumar is the brother of Ajaykumar T V, a member of BJP's Kasaragod district committee and former Kanhangad councillor)
The three raised Rs 1.25 crore by pledging the stolen jewellery and handed over the money to Ratheeshan before he went into hiding. The case was then handed over to the District Crime Branch. Of the 2.66kg of gold jewellery, District Crime Branch DySP Shibu Pappachan recovered 1.5kg pledged by Gafoor and Anil Kumar with Kerala Bank's branches in Kanhangad and Periya. The remaining gold jewellery, pledged by panchayat member Basheer's relatives in Canara Bank's branches in Periya and Pallikkara, is yet to be recovered.
On June 5, the District Crime Branch arrested Ratheeshan and his accomplice Abdul Jabbar alias Jabbar Manjakkandy, a real estate broker in Kannur, from Erode in Tamil Nadu. It also arrested C Nabeel of Arakkinar in Kozhikode. By the end of June, the Economic Offence Wing of the State Crime Branch took over the case. CPM leaders associated with the bank said the investigation has not progressed after the case was handed over to the State Crime Branch.
According to the FIR, Ratheeshan has been charged with Sections 409 and 420 of the IPC for criminal breach of trust by a banker and cheating. Section 409 attracts a punishment of a life sentence or 10 years in prison. According to Section 167 (2) of the Code of Criminal Procedure, investigating agencies have 90 days to file a charge-sheet in the case of serious offences which attract more than 10 years of imprisonment. If the investigating authority fails to file the charge-sheet within the stipulated period of 90 days, the accused becomes entitled to default bail, also called statutory bail. By September 5, Ratheeshan was free to apply for the default bail.
