Major Loan Scam Unveiled: Former MP and Bank Officials in Custody
A former Congress MP, Kuldeep Rai Sharma, and a former loan officer of the Andaman and Nicobar State Cooperative Bank, K Kalaivanan, have been remanded to judicial custody in relation to a Rs 500 crore loan scam. The Enforcement Directorate's investigation reveals fraudulent loans and substantial siphoning of funds.
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- India
A local court in Port Blair on Friday remanded former Congress MP Kuldeep Rai Sharma and a former loan officer, K Kalaivanan, of the Andaman and Nicobar State Cooperative Bank to judicial custody. This action comes amid a Rs 500 crore loan scam investigation.
The Enforcement Directorate (ED) had initially arrested Sharma and Kalaivanan on September 18, transporting them to Kolkata for an eight-day interrogation period. Following their ED custody's conclusion, they were returned to Port Blair, where all three accused, including the bank's managing director, K Murugan, were put into judicial custody.
The investigation, which started with a Crime and Economic Offences Cell FIR, has uncovered a wide-ranging conspiracy involving fraudulent loans and fund siphoning. The ED's probe has found that approximately Rs 230 crore has been allegedly diverted for the benefit of Sharma and his associates.
(With inputs from agencies.)
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