The Enforcement Directorate (ED) on Tuesday attached assets worth more than Rs one crore linked to former president of the Kandla Cooperative Bank and expelled CPI leader N Bhasurangan and his family in connection with the cooperative bank fraud case.
The case pertains to alleged irregularities in the Kandala Service Cooperative Bank in Thiruvananthapuram during Bhasurangan’s tenure as its president.
The ED has issued a provisional order under the Prevention of Money Laundering Act (PMLA) to attach the assets worth Rs 1.02 crore linked to Bhasurangan and his family.
Bhasurangan and his son Akhiljith JB were arrested by the central agency in November last year in Kochi on charges of irregularities in loans given out by the lender.
The ED commenced its investigation into the Kandala Service Co-operative bank in Kattakkada, Thiruvananthapuram district, based on several complaints against CPI leader Bhasurangan. According to ED’s preliminary estimate, a fraud of more than Rs 200 crore took place in Kandla bank.
A few days ago, the ED filed a first-phase charge sheet against six accused, including Bhasurangan and his son, in the Kandala Bank irregularities.
The ED had earlier submitted to the court that when he was the president of Kandala Service Cooperative Bank, Bhasurangan had taken a loan of Rs 2.36 crore on his own behalf and in the name of his family members.