ED Expands Probe in Andaman Loan Scam: Financial Networks Under Scrutiny

The Enforcement Directorate (ED) has broadened its investigation into the Andaman and Nicobar State Cooperative Bank Ltd (ANSCBL) loan scam, focusing on the financial transactions of suspects across multiple banks.

The agency is meticulously examining account statements, seeking to unravel the roles of various firms and individuals involved in the alleged fraud. Investigators emphasize the importance of tracing these financial pathways to detect illicit activities and verify potential offshore investments.

The case, which led to the arrest of former Congress MP Kuldeep Rai Sharma, has seen the launch of a parallel inquiry by the ED, including its first search operation in the islands, resulting in further summonses and evidence pointing towards a massive Rs 500 crore loan misappropriation.

(With inputs from agencies.)