ED sources said that former CPI leader Bhasurangan and his son Akhiljith were directly involved in the fraud.
The Enforcement Directorate (ED) on Tuesday arrested expelled CPI leader N Bhasurangan and his son Akhiljith in connection with the Kandala Service Co-operative bank scam case.
The duo were taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA) following questioning at the agency’s office in Kochi for 10 hours.
The ED commenced its investigation into the Kandala Service Co-operative Bank in Kattakkada, Thiruvananthapuram district, based on several complaints against CPI leader Bhasurangan, who is a former president of the Kandala Cooperative Bank.
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The ED had conducted raids in the case earlier this month after which Bhasurangan, a local CPI leader, was expelled by the Left party.
The ED said that a Karuvannur model bank fraud took place in the Kandala cooperative bank too.
According to ED’s preliminary estimate, a fraud of more than Rs 200 crore took place in Kandla bank. The ED sources said that former CPI leader Bhasurangan and his son Akhiljith were directly involved in the fraud.
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