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Kerala Kaumudi Online
Friday, 01 March 2024 9.23 AM IST

ED labels Kandala co-operative bank case an organized financial crime

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KOCHI: In a special court hearing, the Enforcement Directorate (ED) asserted that the events at Kandala Cooperative Bank constituted an orchestrated financial wrongdoing. Former bank president N Bhasurangan and his son, Akhiljith were presented after their custody period concluded, with both now remanded till December 5.

Allegedly, Bhasurangan and his son conducted transactions under false names, involving substantial amounts. A deeper investigation is deemed necessary to fully grasp the nature of the crime. Bhasurangan, a prominent political figure, holds significant influence raising concerns that evidence might be tampered with unless held in judicial custody.

Amidst the proceedings, the defense highlighted Bhasurangan's health issues. His daughter, a doctor, was requested to provide insights on his condition. However, the ED objected, citing potential bias, stating that listening to Bhasurangan's daughter might necessitate hearing from the examining doctor. Such debates are customary in financial crime cases as exemplified by the Senthil Balaji case in Tamil Nadu.

Other accused individuals are believed to be involved, necessitating a comprehensive investigation. Delayed receipt of bank-related information and documents has hindered progress. Additionally, around 51 crore rupees of the embezzled funds reportedly reside in other banks under the names of Sreejith and Ajith Kumar.

The true extent of money laundering can only be ascertained by uncovering further dummy accounts. Detailed examination of received documents and accused statements is underway. If deemed necessary for further interrogation, judicial remand will be pursued for the accused.

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