Loan Scandal Unveiled: Arrests in Andaman-Nicobar Bank Case

In a significant development, the Andaman and Nicobar State Cooperative Bank Ltd (ANSCBL) is at the center of a growing loan irregularity scandal, with multiple arrests made in connection to the case. The bank's director, K. Subramanian, and tour operator M. Sajid were arrested on Monday night.

According to Andaman and Nicobar Islands SSP Jitendra Kumar Meena, these arrests increase the number of people detained in connection to the scandal to seven, including ANSCBL's managing director, K. Murugan. The suspects will be brought before the CJM court for further legal proceedings.

Investigations suggest the managing committee bypassed recommendations and CIBIL scores in approving loans. In a brazen mishandling, financial accounts connected to unrelated parties like a driver and a mechanic were uncovered, casting further doubts over the bank's internal processes.

(With inputs from agencies.)