Kandala cooperative bank scam: Audit figures were tampered with, alleges former president N. Bhasurangan
N. Bhasurangan, former president of the Kandala Service Cooperative Bank, claims that audit figures were tampered with to artificially inflate the bank's losses. He argues the audit was politically motivated and has requested a review of the financial reports.
Why it matters
The case underscores systemic issues and political interference within the cooperative banking sector in Kerala, impacting depositor trust.
N. Bhasurangan, former president of the scam-tainted Kandala Service Cooperative Bank in Thiruvananthapuram district, has alleged “deliberate mischief” in the audit carried out in the bank to show inflated losses.
Addressing a press conference here on Monday, Mr. Bhasurangan said the auditor responsible for the exercise for the 2020-21 fiscal had tampered with the figures to exaggerate the loss. “This was politically motivated and deliberately done to wreck the bank”, he said, adding that a plea is pending before the Director of Co-operative Audit to review the audited figures for 2020-21 by correctly assessing the profit and loss and preparing the balance sheet.
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