ED's Historic Raid: Unraveling the Cooperative Bank Scam in Andaman
The Enforcement Directorate conducted its first-ever searches in the Andaman and Nicobar Islands, probing a money laundering case involving a cooperative bank loan fraud. The investigation, linked to former Congress MP Kuldeep Rai Sharma, uncovered fraudulent loan activities exceeding Rs 200 crore and potential procedural violations.
- Country:
- India
The Enforcement Directorate (ED) made a historic move on Thursday, conducting its inaugural searches in the Andaman and Nicobar Islands as part of a probe into a money laundering case. The investigation is connected to an alleged cooperative bank loan fraud involving a former Member of Parliament from this Union Territory.
The case focuses on the Andaman Nicobar State Cooperative Bank and its vice chairman, Kuldeep Rai Sharma, a notable Congress leader and former MP from 2019 to 2024. Searches were executed at nine locations around Port Blair and two in Kolkata under the Prevention of Money Laundering Act.
Sources indicate that Sharma's role in the loan irregularities is under scrutiny. Allegations point to the creation of 15 entities to benefit him, securing fraudulent loans worth over Rs 200 crore from the bank. The procedural discrepancies indicate signs of large-scale financial misconduct.
(With inputs from agencies.)
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