Former President of Kandala Service Co-operative Bank Arrested for Money Laundering

The Enforcement Directorate (ED) announced the arrest of N. Bhasurangan, the former president of Kandala Service Co-operative Bank in Kerala, and his son Akhiljith J.B. in connection with a money laundering case involving unauthorized loans. Bhasurangan, who served as the overall in-charge of the bank, played a significant role in approving these loans. The ED initiated a money laundering case based on FIRs registered by the Maranalloor Police Station in Trivandrum against the bank’s President and Secretary.

Preliminary investigations revealed irregularities in the bank’s management, leading to a massive asset impairment of Rs 57 crore. The bank had allegedly provided fraudulent loans to Bhasurangan’s family members and relatives, with no recovery proceedings initiated during his presidency. Bhasurangan and Akhiljith were remanded to three days of ED custody after being produced before a Special Judge in Ernakulam, Kerala.