New Delhi [India], January 23 : The Directorate of Enforcement (ED) has provisionally attached movable and immovable properties worth Rs 1.02 crore under the provisions of the Prevention of Money Laundering Act relating to N Bhasurangan, former President of Kandala Service Co-operative Bank and his family members in a money laundering case related to fraud at Kandala Service Co-operative Bank, an official statement said on Tuesday.
"The attached properties consist of immovable properties, a Car and Gold Jewellery," ED said.
The probe agency initiated an investigation based on several FIRs registered by the Maranalloor
Police Station, Thiruvananthapuram, against the President and Secretary of Kandala Service Co-operative Bank.
According to the ED investigation, the agency said that it has found several irregularities in the management of the bank and it was also revealed that amounts totaling Rs 57 crore (approximately) were found to be involved on account of the above irregularities and that the bank suffered massive asset impairment due to its mismanagement and irregularities.
Earlier, ED had arrested N Bhasurangan, former President of Kandala Service Cooperative Bank, Kandala and his son Akhiljith JB on November 21, 2023, in connection with an ongoing investigation in a money laundering case of fraud which occurred
in Kandala Service Co-operative Bank.
"N Bhasurangan happened to be the overall in-charge of the bank as President, who played a key role in sanctioning various unauthorized loans to himself and his relatives by remortgaging the same property multiple times as collateral security," an official statement issued by ED said.
Further investigation is underway.
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