India News | Expelled Kerala CPI Leader Sanctioned Unauthorised Loans from Co-op Bank Headed by Him, Claims ED
Get latest articles and stories on India at LatestLY. Expelled Kerala CPI leader N Bhasurangan played a key role in sanctioning "unauthorised" loans from a local co-operative bank of which he was the president, the Enforcement Directorate has alleged after arresting him.
New Delhi, Nov 24 (PTI) Expelled Kerala CPI leader N Bhasurangan played a key role in sanctioning "unauthorised" loans from a local co-operative bank of which he was the president, the Enforcement Directorate has alleged after arresting him.
Bhasurangan and his son Akhiljith J B were arrested by the central agency on November 21 in Kochi.
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A special Prevention of Money Laundering Act (PMLA) court in Ernakulam sent them to ED custody till November 24.
The money laundering case pertains to Kandala service co-operative bank and Brachyuranic was its overall in-charge as the President.
The PMLA case stems from an FIR filed by the Maranalloor police station in Trivandrum against the president and secretary of the bank.
"He (Bhasurangan) played a key role in sanctioning various unauthorised loans," the agency said in a statement.
The federal agency had conducted raids in this case early this month after which Bhasurangan, a local CPI leader, was expelled from the Left party's primary membership.
The probe found several "irregularities" in the management of the bank when the bank's governing body was headed by its president N Bhasurangan, the agency claimed.
A preliminary probe found that irregularities of about Rs 57 crore took place and the bank suffered "massive asset impairment" due to this, it said.
The ED found that the co-operative bank had given a loan of Rs 2.04 crore to Maranalloor Ksheera Vyavasaya Sangam Limited, as Bhasurangan was also "managing" the affairs of that society.
It was found that multiple loans running into several crores were "fraudulently" given to his family members and relatives by mortgaging the same properties, the agency claimed.
The bank had not initiated any recovery proceedings in respect of the overdue loans availed by the family members and relatives of Bhasurangan, the ED said.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)