Thiruvananthapuram: The Crime Branch unit of Kerala Police has initiated steps to confiscate assets of the accused in the alleged financial irregularities at Kandala Service Cooperative Bank. 

Crime Branch officials conducted inspection at the bank on Tuesday. Presently, the central unit of the Crime Branch is probing 54 cases concerning Rs 100 crore fraud at Kandala Bank. The probe team collected details of those defaulters who failed to return crores taken as loans. The prime accused in the case are the bank secretaries and presidents since 2022. 

The State Department of Cooperation had detected irregularities and misappropriation amounting to Rs 100 crore at the bank. The officials have imposed charges under the Banning of Unregulated Deposit Schemes Act (BUDS Act) to confiscate the properties of the accused. 

Meanwhile, the Enforcement Directorate (ED) is understood to have served a notice to former CPI leader N. Bhasurangan and his son to appear for the second round of questioning in relation to the alleged scam at the bank. They have been directed to appear before the ED's office in Kochi on Wednesday.