Kandala Bank fraud case; top leader in LDF behind 101 crore fraud says Bhasurangan

THIRUVANANTHAPURAM: Former bank president N Bhasurangan with a new allegation in the Kandala bank fraud case. Bhasurangan alleges that it was a top leader of the LDF who caused the problem and it was because of him that the amount reached from 48 crores to 101 crores.

He added that the ED did not take him into custody, only interrogation took place. Bhasurangan told the media that he would appear for questioning if requested by the ED. Bhasurangan, who was undergoing treatment after feeling unwell during interrogation, was discharged today. ED had also questioned Bhasurangan's son Akhiljith.

The ED investigation started at Bhasurangan's institutions and house from the early morning yesterday. Bhasurangan was the President of Kandala Cooperative Bank for the last 30 years. He is a CPI leader. Officials of the Cooperative Department found that all information related to the fraud had been removed from the computer. It was also learned that computerization in the bank was not as per the instructions of the Registrar of Cooperatives.

Neither the profit and loss account nor the balance sheet of the bank was received. 101 crore fraud was found in the bank. Evidence of several loans secured by one document was also obtained. Bhasurangan had loaned Rs 3.20 crore several times over eight years. It was based on a 14 cent property. It was also found that a loan of one crore rupees was taken eight times in the name of Bhasurangan's son. This was without any repayment.