Thiruvananthapuram: In a significant development, the Directorate of Enforcement (ED) conducted raids at the Kandala Service Cooperative Bank and the residence of former bank secretaries on Wednesday. The inspection is in association with the loan fraud case in which the former bank president and CPI leader N Bhasurangan is facing allegations of financial irregularities.
The raids were held at the houses of former secretaries Shantakumari Rajendran and Mohan Chandran, as well as the residence of a collection agent, Ani. As per reports, the investigation was also held at Bhasurangan's residence and his son's restaurant in Poojappura.

The ED checked the bank documents including several loan transactions. The Department of Cooperation in Kerala had detected malpractices amounting to Rs 100 crore at the bank. The Cooperative Registrar had earlier handed over the reports regarding the loan fraud case to the ED. The raid is following this development.

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