Kerala’s Communist Party of India (CPI) has removed its former Kandala Service Cooperative Bank President N. Bhasurangan from the party’s primary membership after the ED detained him for grilling about the scam and money laundering charges, reports the Hindu.
The Kandala Service Cooperative Bank in Thiruvananthapuram is controlled by the party.
A CPI source is quoted as saying the scam caused the bank’s assets to depreciate by Rs 101 crore during the 2015-2021 period.