Kandala bank case: ED breaks into lockers that have no record of owner or key

Thiruvananthapuram: During the inspection carried out by the Enforcement Directorate at Kandala cooperative bank, the officers broke open the lockers whose owners were not known, as there was no key. Gold ornaments and coins were recovered from this locker.

There existed no records of the owner of this locker and neither did the bank officials possess a key to the same. Due to this, the investigation team decided to demolish the locker. The ED inspection was carried out under the control of the Ernakulam office. All the records and information found was immediately communicated to the Kochi ED office. Based on this, instructions to break open the locker were given.

16 sovereigns of gold ornaments were found in the locker of former bank president Bhasurangan. He reportedly told the officers that the jewellery belonged to his wife.

Meanwhile, a CPM local leader and former governing body member was given a loan of Rs 45 lakh on a collateral of two and a half cent property by overestimating the value of the property. There is also a delay in the repayment of the said loan. When the bank began moving towards financial collapse, a prominent Kattakkada leader suddenly withdrew Rs 80 lakh. There are many people who have lost over Rs 1 crore invested in the bank.