Loan Irregularities Shake Andaman and Nicobar Cooperative Bank
An FIR has been filed against members of the Andaman and Nicobar State Cooperative Bank, including former MP Kuldeep Rai Sharma, over alleged loan sanction irregularities. The bank's management is accused of bypassing loan committee recommendations and disbursing loans without proper due diligence. A police investigation is underway.
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- India
An FIR has been registered against Kuldeep Rai Sharma, vice chairman of Andaman and Nicobar State Cooperative Bank, along with other officials, over gross irregularities in loan sanctions, a police officer confirmed on Friday.
The FIR also implicates the late former chairman Bhagat Singh and other board members of the bank, highlighting serious breaches in the loan approval process, said SSP (CID) Jitendra Kumar Meena. The investigation began after the deputy registrar of cooperative societies reported these irregularities.
The allegations involve the bank management ignoring loan screening committee suggestions and CIBIL reports, besides sanctioning loans without mandatory documents. Instances of unsigned site verification reports and loans for unfit applicants further exacerbate the situation, Meena added, assuring a thorough investigation before filing a charge sheet.
(With inputs from agencies.)
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