ED arrests former President of Kandala Service Co-operative Bank, son in money laundering case
THE JHARKHAND STORY DESK New Delhi, Nov 24: In connection with an ongoing investigation into a money laundering case of fraud…
THE JHARKHAND STORY DESK
New Delhi, Nov 24: In connection with an ongoing investigation into a money laundering case of fraud that occurred at Kandala Service Co-operative Bank, the Enforcement Directorate (ED) stated on Friday that it had arrested N Bhasurangan, the former president of the bank, and his son, Akhiljith JB.
Both Bhasurangan and his son were taken into custody on November 21 under the provisions of the Prevention of Money Laundering Act (PMLA) of 2002.
According to the Enforcement Directorate (ED), Bhasurangan served as the top official of the bank in the capacity of president and played a significant role in approving several unauthorized loans.
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Based on multiple First Information Reports (FIRs) against the President and Secretary of Kandala Service Co-operative Bank filed by the Maranalloor Police Station, Trivandrum, the ED opened an investigation.
“Several irregularities in the management of the bank were noticed,” said the ED, citing its investigation, adding “the bank’s governing body was headed by its President Bhasurangan”.
Rs 57 crore bungling
Initial investigations indicated that irregularities amounting to Rs 57 crore were identified, leading to substantial impairment of the bank’s assets.
Additionally, the ED investigation uncovered that Bhasurangan, who was also overseeing the operations of Maranalloor Ksheera Vyavsaya Sangam Limited, facilitated a loan of Rs 2.04 crore from the Kandala Service Cooperative Bank to the mentioned entity.
“It was further found that multiple loans running into several crores were fraudulently given to his family members and relatives by mortgaging the same properties. It was also found that Kandala Service Co-operative bank had not initiated any recovery proceedings in respect of the overdue loans availed by the family members and relatives of Bhasurangan, while he was holding the post of President,” the ED stated.
