On November 21, 2023, N. Bhasurangan, the former president of the Kandala Service Co-operative Bank in Kandala, Maranalloor, Trivandrum, Kerala, and his son Akhiljith J.B. was taken into custody by the Directorate of Enforcement (ED) in connection with an ongoing investigation under the provisions of the Preventions of Money Laundering Act (PMLA), 2002 in relation to a fraud case involving money laundering that took place in the Kandala Service Co-operative Bank. As the bank’s president, N. Bhasurangan was in control overall and was crucial in approving a number of illegal loans.
Based on many FIRs against the President and Secretary of Kandala Service Co-operative Bank filed by the Maranalloor Police Station in Trivandrum, the ED opened an investigation.
Several problems in the bank’s administration were found during the ED probe. N. Bhasurangan served as the president of the Bank’s governing board. Initial inquiries showed that the aforementioned anomalies affected around Rs. 57 Crore, and as a result, the Bank experienced significant asset impairment.
Furthermore, as N. Bhasurangan was also in charge of the Society’s operations, it was discovered during an ED inquiry that Kandala Service Cooperative Bank had lent Rs. 2.04 crore to Maranalloor Ksheera Vyavsaya Sangam Limited. It was also discovered that his family members and relatives had been deceitfully provided many loans totalling several crores by mortgaging identical homes. It was also discovered that, while N. Bhasurangan’s presidency, the Kandala Service Co-operative Bank had not filed any lawsuits to collect past-due debts taken out by his family and relatives.
On November 21, 2023, N. Bhasurangan and his son Akhiljith J.B. were taken into custody. On November 22, 2023, they appeared before Special Judge (SPE / CBI) – I (Special Court for PMLA Cases), located in Ernakulam, Kerala. ED is under the custody of the Honorable Court for three days, ending on November 24, 2023. Additional research is currently being conducted.
