Couple found dead at house, kin alleges threat from bank
Police identified the deceased as Satheeshan, 55, of Keshava Bhavan near Kochu Kattanvila at Thamalam and Bindu V, 49. Bindu's body was found hanging in the bedroom and Satheeshan's body was lying on the floor.
"Only after a postmortem can we confirm whether it was suicide or whether there was any foul play. The cause of Satheeshan's death has also not been confirmed. There was some bleeding from his body," said police.
The relatives of the deceased alleged that the bank cheated the deceased by charging an enormous amount as interest on the loan taken.
According to relatives, Satheeshan took a loan of Rs 60 lakh about seven years ago. He suffered a stroke in 2021. Following this, he could not repay the loan amount. "Two years ago, the bank offered him some money as a top-up of the existing loan. However, he received no money, and the bank asked him to pay Rs 1.10 crore to avoid revenue recovery.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Is USDJPY on the Upward Move?
IC Markets
Sign Up
Undo
In April, the bank staff members had reached the house to seal the property, but due to the resistance by local people, they did not proceed with it.
The bank later directed him to pay back Rs 2 crore. Following that, he filed a case against the bank demanding a reassessment of the way the repayment amount was calculated and also for threatening him on the phone continuously," said Binu T, brother of Bindu.
Binu also said the family was planning to sell the house to repay the loan, but by projecting a huge amount, the bank ruined their plans to clear the dues.
Locals recently protested in front of the bank demanding justice by waiving off some part of the interest. But the bank was not willing to do so, alleged Binu.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
16 minutes ago
- Indian Express
Opposition alleges Rs 70,000 crore scam as CAG flags accounting lapses in poll-bound Bihar
Just months ahead of the upcoming Assembly election in Bihar, the Comptroller and Auditor General (CAG) of India has flagged massive accounting lapses in the state's finances. The CAG has reported that as of March 31, 2024, as many as 49,649 Utilisation Certificates (UCs) — documents that confirm that allocated resources were utilised for the intended purpose — amounting to Rs 70,877.61 crore, had not been submitted to the Accountant General (Accounts and Entitlements) of Bihar. The findings have come as fresh ammunition for the Opposition. Bihar Leader of Opposition Tejashwi Yadav said in a social media post, 'Thanks to Modi-Nitish, a scam of Rs 70,000 crore has taken place in Bihar. The CAG has unearthed the theft. No work was seen, but the entire expenditure was made… Modi-Nitish made history by committing a Rs 70,000 crore scam. Just like the Srijan scam, now efforts to manage this from Delhi to Patna have intensified.' According to the CAG's State Finances Audit Report for 2023-24, the non-submission of UCs violates Rule 271(e) of the Bihar Treasury Code that requires departments to submit the documents within 18 months of the financial year in which the grant is released. The report notes that the Bihar government 'did not comply' with the national accounting standards of IGAS-1, IGAS-2, and IGAS-3. The auditing body suspects that nearly Rs 70,878 crore of budgeted money has no audit clearance, and raised serious risk of fraud. 'In the absence of UCs, there is no assurance that funds disbursed have been used for the intended purpose,' the report said, adding that this level of pendency is 'fraught with the risk of embezzlement, misappropriation, and diversion of funds'. The report's year-wise data shows that Rs 14,452.38 crore worth of these pending UCs relate to grants issued up to 2016-17. In 2017-18, the pending UCs amounted to Rs 3,746.64 crore; to Rs 5,870.67 crore in 2018-19; Rs 17,980.24 crore in 2019-20 and 2020-21; Rs 16,014.34 crore in 2021-22; and Rs 12,813.34 in 2022–23. The pending UCs are heavily concentrated in a few departments, the CAG report revealed, indicating that five departments account for the majority of the unverified expenditure. The largest default is in the Panchayati Raj Department, with UCs worth Rs 28,154.10 crore pending, the report said. This is followed by the Education Department (Rs 12,623.67 crore), Urban Development and Housing Department (Rs 11,065.50 crore), Rural Development Department (Rs 7,800.48 crore), and Agriculture Department (Rs 2,107.63 crore). In addition to department-level grants, the CAG also found that large sums of grants to local bodies remained unverified. As per the CAG, as of March 31, 2024, utilisation certificates were pending for Rs 4,277.22 crore given to Urban Local Bodies (ULBs) and Rs 2,221.83 crore given to Rural Local Bodies under various central and state schemes, including 15th Finance Commission grants. The report also highlighted significant pendency in the submission of Detailed Contingent (DC) bills against Abstract Contingent (AC) bills. AC bills are required to draw advances by departments, and rules mandate that a department submitting an AC bill to withdraw cash must finalise the accounts by submitting a DC bill within six months. However, as on March 31, 2024, the report showed massive non-compliance, as Rs 9,205.76 crore was drawn in advance payments through 22,130 AC bills, but its expense details through DC bills were not submitted. Of this, Rs 5,577.91 crore (60.60%) pertained to advances drawn for the 'creation of Capital Assets', including major schemes under road works, education, health, rural development, etc. The CAG further noted that 1,648 AC bills, totalling Rs 1,041.12 crore, were drawn in March 2024 alone, indicating a 'rush' to exhaust budgets at the end of the financial year. The audit said that this pattern of drawing money late in the year and not reconciling it 'indicates poor public expenditure management'. 'The non-submission of DC bills within the prescribed period breaches financial discipline and enhances the risk of misappropriation of public money,' the report warned. The CAG also pointed to issues highlighting systemic lapses in financial reporting with classification of expenditure, particularly under grants-in-aid. It observed that 59.95% of the total budgeted grants-in-aid of Rs 77,600.47 crore disbursed during 2023-24 were lumped under the category, 'Others', without clearly identifying the institutions or schemes to which the funds were released. The CAG noted that without proper institutional codes, 'the amounts outstanding against all institutions could not be worked out.' This, it said, is a gap that 'affected the transparency of accounts'. The CAG also flagged significant parking of funds under the Deposit of Local Funds. According to the CAG report, funds budgeted as grants to local bodies and municipal bodies were transferred there, but never spent. Over 2019-24, the balance in these accounts swelled to Rs 30,017.64 crore. 'This amount has been shown as Revenue or Capital Expenditure in the respective years but is lying unspent in the deposit head,' the report says. It observes that this practice overstates actual expenditure, and further mentions that the 'reason for transfer of funds for parking in Deposit of Local Fund Head of Account were awaited'. The CAG also noted that internal audit mechanisms in departments were either weak or non-functional, and several previous audit recommendations had not been acted upon. It observed that delays in submission of audit replies and lack of timely action 'defeated the very purpose of the audit'. The CAG said that the combination of the issues of missing UCs, unreconciled advances, off-book deposits and generic accounting entries 'indicate lack of internal controls in the administrative departments'.
Time of India
20 minutes ago
- Time of India
TCS to axe 12,000 jobs; IT giant's biggest layoff ever
TCS to axe 12,000 jobs; IT giant's biggest layoff ever BENGALURU/MUMBAI: In what will be its biggest layoff to date, India's largest IT services company and Tata Group's most-profitable unit, TCS, will axe 12,261 jobs, which is approximately 2% of its workforce as AI-led disruptions and macro uncertainties affect business demand. TCS, chaired by N Chandrasekaran, had just over 6.1 lakh employees worldwide as of June. The company has been periodically restructuring its workforce in response to changing business dynamics and other factors. In FY15, it eliminated more than 3,000 jobs, representing about 1% of its total employee count. The latest job cuts will primarily affect mid-level and senior executives. This move marks one of the company's most significant strategic shifts: embracing AI, and letting go of employees who cannot be redeployed within the firm. The workforce reduction — long considered rare in the industry — underscores the tough demand environment, especially in the absence of large deals like BSNL. Industry observers see this as an early sign of a broader shift, where rising reliance on automation and margin pressures are driving companies to reduce employee costs. TCS said the restructuring initiative is aimed at transforming the company into a future-ready organisation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Mini House for 60 sqm for Seniors with Toilet and Bath (Price May Surprise You) Pre Fabricated Homes | Search Ads Search Now Undo 'This includes strategic initiatives on multiple fronts, and while these changes are necessary for our growth and evolution, we understand the impact on our colleagues. We thank them for their service and are committed to supporting them through this transition,' TCS CEO K Krithivasan said in an email to employees. Phil Fersht, CEO of HfS Research, said the impact of AI is eating into the people-heavy services model and forcing the large providers to rebalance their workforces to maintain their margins and stay price competitive in a cut-throat market where clients are demanding 20-30% price reductions on deals. Other Tata Group entities, such as Tata Steel and Tata Motors, have also been cutting jobs periodically to lower costs and enhance profitability. In 2019, Tata Steel eliminated 3,000 jobs in its European operations. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
30 minutes ago
- Time of India
Kim Jong Un's sister dismisses South Korea's peace proposals, calls it 'miscalculation'
North Korea has no interest in any policy or proposals for reconciliation from South Korea, the powerful sister of its leader Kim Jong Un said on Monday in the first response to South Korean liberal President Lee Jae Myung 's peace overtures . Kim Yo Jong , who is a senior North Korean ruling party official and is believed to speak for the country's leader, said Lee's pledge of commitment to South Korea-U.S. security alliance shows he is no different from his hostile predecessor. Explore courses from Top Institutes in Please select course: Select a Course Category CXO Leadership Cybersecurity Finance Product Management Operations Management MCA Management Others Data Science Healthcare Digital Marketing Public Policy Data Science Technology PGDM others Degree Artificial Intelligence Design Thinking healthcare MBA Project Management Data Analytics Skills you'll gain: Operations Strategy for Business Excellence Organizational Transformation Corporate Communication & Crisis Management Capstone Project Presentation Duration: 11 Months IIM Lucknow Chief Operations Officer Programme Starts on Jun 30, 2024 Get Details Skills you'll gain: Digital Strategy Development Expertise Emerging Technologies & Digital Trends Data-driven Decision Making Leadership in the Digital Age Duration: 40 Weeks Indian School of Business ISB Chief Digital Officer Starts on Jun 30, 2024 Get Details Skills you'll gain: Customer-Centricity & Brand Strategy Product Marketing, Distribution, & Analytics Digital Strategies & Innovation Skills Leadership Insights & AI Integration Expertise Duration: 10 Months IIM Kozhikode IIMK Chief Marketing and Growth Officer Starts on Apr 7, 2024 Get Details Skills you'll gain: Technology Strategy & Innovation Emerging Technologies & Digital Transformation Leadership in Technology Management Cybersecurity & Risk Management Duration: 24 Weeks Indian School of Business ISB Chief Technology Officer Starts on Jun 28, 2024 Get Details "If South Korea expects to reverse all the consequences of (its actions) with a few sentimental words, there could be no greater miscalculation than that," Kim said in comments carried by official KCNA news agency. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Tan Tao A: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo Lee, who took office on June 4 after winning a snap election called after the removal of hardline conservative Yoon Suk Yeol over a failed attempt at martial law, has vowed to improve ties with Pyongyang that had reached the worst level in years. As gestures aimed at easing tensions, Lee suspended loudspeaker broadcasts blasting anti-North propaganda across the border and banned the flying of leaflets by activists that had angered Pyongyang. Live Events Kim, the North Korean official, said those moves are merely a reversal of ill-intentioned activities by South Korea that should never have been initiated in the first place. "In other words, it's not even something worth our assessment," she said. "We again make clear the official position that whatever policy is established in Seoul or proposal is made, we are not interested, and we will not be sitting down with South Korea and there is nothing to discuss." There has been cautious optimism in the South that the North may respond positively and may even show willingness to re-engage in dialogue, particularly after Pyongyang also shut off its loudspeakers, a move Lee said was quicker than expected. Still, Lee, whose government is in the midst of tough negotiations with Washington to avert punishing tariffs that President Donald Trump has threatened against a string of major trading partners, has said U.S. alliance is the pillar of South Korea's diplomacy. "Through efforts in the areas of politics, economic security and culture, we will strengthen the South Korea-U.S. alliance that was sealed in blood," Lee said in remarks commemorating the anniversary of the Korean War armistice on Sunday. North Korea also marked the anniversary which it calls victory day with events including a parade in Pyongyang, although state media reports indicated it was at a relatively lesser scale compared to some previous years. The two Koreas, the United States and China, which are the main belligerents in the 1950-53 Korean War, have not signed a peace treaty.
