Manorama Reporter Dies by Suicide After Losing 1.62 Crore Rupees Deposit in Congress -Run Cooperative Bank

Nedumangad (Thiruvananthapuram): Malayala Manorama’s long-serving Nedumangad correspondent K Sasidharan Nair, known as Anad Sasi, died by suicide after reportedly losing 1.62 crore rupees deposited in a Congress -controlled cooperative society. The incident has sent shockwaves through political and media circles and intensified the crisis surrounding the massive financial scam linked to the Mundela Rajiv Gandhi Residents’ Welfare Cooperative Society.

Sasidharan (77), a former panchayat vice -president and local Congress leader, was found hanging in a car shed near the old village office building at Kanakanagar, Kawdiar, around 4:30 am on Monday. He had been staying in a rented house in Kawdiar for his daughter’s education. He went missing Sunday night, and a complaint was lodged with the Museum Police. His body was found during the subsequent investigation.

The money Sasidharan lost, 1.62 crore rupees, had come from selling family property and his wife's retirement benefits. He had deposited it in the Mundela cooperative society to secure his daughter’s future. When he realised that the money would not be recovered, despite approaching several senior Congress leaders, he reportedly fell into deep despair.

This is the second suicide connected to the scam. Earlier, M Mohanakumaran Nair, president of the cooperative society and a Congress leader, took his own life following the exposure of large-scale fraud within the organisation. Both men were prominent figures in the local Congress and have now become tragic symbols of the corruption engulfing the cooperative.

The scandal broke wide open in September 2024 when an official investigation uncovered embezzlement to the tune of 24 crore rupees. The board was dissolved, and grave irregularities were detailed in the audit. These included 5.07 crore rupees in defaulted property- based loans, 4.57 crore rupees in mutual guarantor loans, 48.29 lakh rupees in illegal salary payments, 12.66 crore rupees in MDS project dues, and further liabilities involving excess interest payments, temporary staff salaries, and inventory losses.

Investigators revealed that Mohanakumaran Nair had exploited the system by registering over 35 loans against mortgaged properties in the names of various individuals, siphoning off 1.65 crore rupees. His wife received 52 lakh rupees through 10 loans, while her brother obtained 2.41 crore rupees across 46 loans. The secretary of the bank, his sister -in- law, and her husband were also involved in multiple loan frauds. Over 100 loans were issued in the names of staff members alone, totalling more than 3 crore rupees.

Sources allege that a portion of the looted funds was diverted into acquiring real estate, including two resorts in Aruvikkara and extensive land holdings in Palode and Vamanapuram, reportedly in collaboration with senior Congress functionaries. The cooperative, formed in 2009 with the full backing of the Congress district leadership, had only close party loyalists in its governing body.

What started as a local cooperative intended to serve the public eventually became a hub of financial exploitation. A dedicated team was tasked with recruiting depositors using false promises, and deposits were funnelled through benami transactions into personal coffers.

Sasidharan Nair had been with Malayala Manorama for 42 years and was widely respected in the journalistic and political communities. His final rites were held Monday evening at Shanthitheeram, Nedumangad.

He is survived by his wife Dr. P Latha (Retired Medical Officer, Anad Ayurveda Hospital) and daughter L Shivakami, a Plus One student.

With two suicides in one year and many more victims left bankrupt, the Mundela Rajiv Gandhi Cooperative Society has become emblematic of the deep rot within cooperative institutions when misused for political gain. The Congress leadership is now facing growing public outrage and demands for accountability over what many are calling a preventable tragedy rooted in betrayal and systemic corruption.