ED Transfers Rs 1 Crore Assets to Kandala Bank Amid Money Laundering Case

Kochi, Aug 22 (PTI) The Directorate of Enforcement (ED) has transferred assets valued at Rs 1 crore to the authorities of Kandala Service Cooperative Bank in Thiruvananthapuram for auction. This move aims to recover damages associated with a money laundering case involving the bank's former president and his family, sources revealed on Friday. The transfer involved the handing over of documents related to the attached properties by ED Deputy Director, S Simi, to the bank's secretary, Baiju Raj, at the ED office on Thursday.

The case involves the alleged misappropriation of Rs 3.22 crore by CPI leader and ex-bank president N Bhasurangan along with his family members.

Bhasurangan, his wife Jayakumari, son Akhijith, daughters Aswathi and Abhima, and son-in-law B R Balamurugan have been named as accused.

They were arrested on November 21, 2023, leading to the attachment of their assets worth Rs 1 crore by the ED. These properties have now been assigned to Kandala Bank in Thiruvananthapuram, which is planning an auction to recoup the financial losses.

Investigative reports suggest that Bhasurangan was involved in the sanctioning of loans without appropriate collateral. Moreover, he allegedly facilitated illegal transactions for several political figures. The fraud reportedly revolved around converting chit fund collections into loans and funneling the money through benami accounts.

According to the ED, Bhasurangan and his family had taken loans amounting to Rs 2.36 crore in their names, which remain unpaid along with accruing interest.

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