ED Conducts First-Ever Raids in Andaman & Nicobar Over ₹200 Cr Bank Fraud
Agency Targets Alleged Loan Irregularities at Cooperative Bank, Former MP Under Scanner.
- ED conducted its first-ever search in Andaman & Nicobar, probing a ₹200 crore loan fraud.
- Raids found ANSCB allegedly gave loans to shell companies, flouting banking norms.
- Former MP Kuldeep Rai Sharma is accused of benefiting from over ₹200 crore in fraudulent loans.
GG News Bureau
Port Blair, 31st July: The Enforcement Directorate (ED) on Wednesday conducted its first-ever search operation in the Andaman and Nicobar Islands. The raids are part of an ongoing money laundering investigation into an alleged ₹200 crore loan fraud involving the Andaman Nicobar State Cooperative Bank (ANSCB).
Simultaneous searches were carried out at nine locations in and around Port Blair and two premises in Kolkata. ED officials recovered incriminating documents indicating large-scale financial irregularities in the disbursal of loans and overdraft facilities by the cooperative bank.
According to the ED, evidence suggests that ANSCB extended loan and overdraft facilities to shell companies by flouting established banking norms. The central agency alleges that around 15 companies or entities were set up to illegally route funds, purportedly for the benefit of Kuldeep Rai Sharma, the former Member of Parliament from Andaman and Nicobar Islands. The ED claims these entities fraudulently availed over ₹200 crore in loans, with substantial amounts allegedly withdrawn in cash and funneled to Mr. Sharma. Kuldeep Rai Sharma also holds the position of Vice-Chairman of ANSCB, raising concerns about a potential conflict of interest and misuse of authority.
The investigation was initiated following a First Information Report (FIR) registered by the Crime and Economic Offences Wing of the Andaman and Nicobar Police, which named both private individuals and officials of the cooperative bank.
