Major Loan Fraud Uncovered in Andaman and Nicobar Bank Scandal
An extensive loan fraud of over Rs 500 crore at the Andaman and Nicobar State Cooperative Bank Ltd, involving over 100 accounts, has been uncovered. The Enforcement Directorate's investigation has led to the arrest of former Congress MP Kuldeep Rai Sharma and recovery of property documents worth over Rs 100 crore.
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The Enforcement Directorate (ED) has unearthed a significant loan fraud amounting to over Rs 500 crore at the Andaman and Nicobar State Cooperative Bank Ltd (ANSCBL). The investigation centers around ex-Congress MP Kuldeep Rai Sharma and involves more than 100 accounts, officials said on Friday.
Conducting its inaugural search operation in the region, the ED, on July 31 and August 1, gathered evidence indicating fraudulent loans through various accounts. Senior ED officers revealed searches were conducted at multiple locations, including the residence of a former Congress MP, leading to the recovery of property documents exceeding Rs 100 crore in value.
The investigation remains active, with further arrests and property seizures expected. Notably, Sharma's bail attempt was rejected, resulting in his 14-day judicial custody. This scandal hinges on allegations of oversight in the loan sanctioning process, implicating several senior bank officials.
(With inputs from agencies.)
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