THIRUVANANTHAPURAM: The Enforcement Directorate (ED) has arrested CPI leader N Bhasurangan and his son Akhil in connection with the Kandala Co-operative bank scam case. The arrest was made after 10 hours of interrogation, as reported by the ED. Both individuals are scheduled to be produced in court today.
The ED has informed that another staff of the co-operative bank is undergoing interrogation in relation to the case, but no arrests have been made for the same.
Regarding the Kandala Service Co-operative Bank scam, the ED initiated an investigation into Bhasurangan’s financial transactions, bank deposits, and involvement in loan approvals.
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.
During the preliminary investigation, the ED found an irregularity of Rs 101 crore within the cooperative bank. Bhasurangan faced questioning regarding charges related to deposit fraud and money laundering. Following this, the ED conducted several raids on the Co-operative Bank building and collected evidence.
After multiple raids and interrogations, Bhasurangan and his son Akhil were arrested by the ED in connection with the Kandala Co-operative bank scam.
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