He also testified that CPM state committee member A C Moideen and former MP P K Biju received lakhs of rupees from Satheesh Kumar.
The fraud came to light when a farmer in Pulpally, Rajendran Nair (60), committed suicide on May 30 after the bank authorities ‘repeatedly neglected’ his complaints regarding the fraud.
Preliminary investigation shows the manager had personal financial issues, said Nedumkandam CI Jerlin V Scaria.
ED officials summoned AKhiljith while interrogating Bhasurangan, who is the former president of the cooperative bank.
The Directorate of Enforcement (ED) raid at Bhasarungan's residence completed 24 hours on Thursday.
The ED checked the bank documents including several loan transactions.
With this all the ten accused in connection with the fraud received bail.
The management of the bank has come forward after a stakeholder raised allegations with the registrar of cooperative societies.
The FIR states the Rs 4.52 cr loss of the society was due to a fraud chitty scheme.
As per reports, the chargesheet is 10,000 pages and will name 50 people as accused in the case.