Kandala Cooperative Bank Fraud: Arrest of CPI leader Bhasurangan and son likely to be recorded

Thiruvananthapuram: The Enforcement Directorate team may soon record the arrest of CPI leader Bhasurangan and his son Akhiljit in the Kandala Cooperative Bank fraud case. A 10-member team is inspecting the bank and the houses of two secretaries of the bank from 6 am today. Bhasurangan’s son’s house in Poojapura, the house of Kattakkada Anchuthenginmudu former secretary Shanthakumari and the former secretary’s house in Perurkada are being searched. The inspection is conducted in several groups at the same time. It is alleged that a financial fraud of Rs 101 crore has taken place in the bank. The ED conducted the investigation on the basis of a complaint that there had been irregularities in the investment of crores. The CPI was removed from the post after the vigilance team found the fraud. CPI leader Bhasurangan had complained against the governing body. Bhasurangan was the president of the bank for more than 30 years. The governing body recently resigned. At present the bank is under administrative administration.