Scandal Unfolds: High-Stakes Loan Irregularities at ANSCBL

An investigation into the ANSCBL loan irregularities has unveiled significant financial misconduct involving Congress leader Kuldeep Rai Sharma. Over Rs 500 crore were fraudulently sanctioned as loans with insufficient securities. Key figures, including Sharma, are under scrutiny for their roles in the banking scandal.

The Andaman and Nicobar State Cooperative Bank Ltd (ANSCBL) is embroiled in a major loan irregularities scandal, revealing alarming financial misconduct. The investigation has found that loans amounting to hundreds of crores were approved without adequate security, as per a senior police officer.

The bank's policy mandates securing loans with at least 150 percent collateral, but numerous loans were sanctioned with insufficient coverage. This lack of adherence to protocol has exposed the bank to significant financial risk. Manipulation of property valuation certificates and questionable roles of officials, including Tehsildar's, have been identified.

The Enforcement Directorate has discovered more than Rs 500 crore obtained fraudulently through over 100 loan accounts. The investigation has brought several figures under scrutiny, including Congress leader Kuldeep Rai Sharma and other high-profile bank officials. As the web of deceit unravels, the reputation and stability of ANSCBL remain in jeopardy.

(With inputs from agencies.)