Kandala bank fraud case: CPI ousts former president Bhasurangan

THIRUVANANTHAPURAM: The CPI has ousted N Bhasurangan, former president in the Kandala Service Cooperative Bank fraud case. CPI district secretary Mangode Radhakrishnan informed that he has been expelled from primary membership. The decision was taken at the district executive meet convened here today. The ED is conducting a raid in the bank and his house in Maranalloor.

Bhasurangan who suffered an uneasiness while interrogation is presently undergoing treatment in the hospital. He was taken to Kandala Cooperative Hospital after showing physical discomfort. He was later shifted to KIMS hospital for better treatment as per the advice of the doctor. The official information about his health has not been released.
The raid started at 6 am yesterday. Bhasurangan, who was taken into custody at night, was taken to his house in Maranalloor for questioning in the vehicle of the Regional Dairy Co-operative Society, he was using. The officers arrived for the inspection yesterday under the guard of armed security forces in three vehicles. The search was conducted at the Maranalloor house of N Bhasurangan and the houses of the bank's former secretaries Rajendran Nair, Shantha Kumari, Mohan Kumar and collection agent Anil Kumar. N Bhasurangan's house was found locked. So, the officials’ team could not enter his house in the morning. He was then taken into custody and taken home.

He developed uneasiness when grilling continued till early morning. He was then shifted to the hospital. The raids were after the ED got complaints on the financial irregularities and loan frauds. In the second week of October, the ED team had sought a report from the registrar of the cooperative department following the complaint of the investors. Subsequently, the registrar handed over the investigation report related to the irregularities in the bank to the ED. The present raids are a continuation of that.