The Directorate of Enforcement (ED) provisionally attached movable and immovable assets worth Rs.1.02 Crore under the Prevention of Money Laundering Act, 2002. The case involves N. Bhasurangan, former President of Kandala Service Cooperative Bank, and his family.
The attached properties include immovable assets, a car, and gold jewelry. The ED initiated the investigation based on FIRs filed by Maranalloor Police Station, revealing irregularities in the bank’s management.
Approximately Rs. 57 Crore was found to be involved, causing massive asset impairment. Bhasurangan and his son were arrested earlier for unauthorized loans and mismanagement. Further investigation is ongoing.