Loan Irregularities Shake Andaman's Cooperative Bank: Ex-Director Denied Bail

In Port Blair, the District and Sessions Court denied bail to K Murugan, former managing director of Andaman and Nicobar State Cooperative Bank Ltd, in a case involving loan irregularities. Allegations involve ignoring key protocols in loan sanctions. A 50,000-page chargesheet names nearly 100 accused individuals and firms.

Devdiscourse News Desk | Portblair | Updated: 22-09-2025 22:46 IST | Created: 22-09-2025 22:46 IST

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Country:
India

A court in Port Blair has rejected the bail application of K Murugan, the former managing director of the Andaman and Nicobar State Cooperative Bank Ltd, in connection with loan irregularities.

The rejection was issued by the District and Sessions Court, following allegations of gross mismanagement in granting loans, including ignoring crucial recommendations and mandatory checks.

A comprehensive investigation has resulted in a 50,000-page chargesheet citing nearly 100 individuals and firms, with eight arrests made so far, including former Congress MP Kuldeep Rai Sharma.

(With inputs from agencies.)