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Monday, May 20, 2024

ED Attaches Rs 1.02 Crore Assets of Former Kandala Bank President in Money Laundering Case

Trivandrum 23 Jan: The Enforcement Directorate (ED) has provisionally attached movable and immovable properties worth Rs. 1.02 crore belonging to N. Bhasurangan, former President of Kandala Service Co-operative Bank, and his family members. This is in connection with a money laundering case related to fraud in the Kandala Service Co-operative Bank.

The attached properties include immovable properties, a car, and gold jewelry. The ED initiated investigation based on several FIRs registered by the Maranalloor Police Station, Trivandrum against the President and Secretary of the Kandala Service Co-operative Bank.

The ED investigation revealed irregularities in the management of the bank, with amounts totaling approximately Rs. 57 crore involved due to these irregularities. The bank suffered massive asset impairment due to mismanagement and irregularities.

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Earlier, the ED had arrested N. Bhasurangan and his son Akhiljith J.B on 21.11.2023 in this money laundering case. N. Bhasurangan, as President of the bank, played a key role in sanctioning various unauthorized loans to himself and relatives by remortgaging the same property multiple times.

ED Attaches Rs 1.02 Crore Assets of Former Kandala Bank President in Money Laundering Case

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Further investigation is underway.

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