Major Loan Scandal Unfolds in Andaman and Nicobar Islands

The Enforcement Directorate has summoned ten individuals tied to the Andaman and Nicobar State Cooperative Bank Ltd loan irregularities case. Among them are shipping and hospitality business figures. Former officials and high-profile individuals, including ex-Congress MP Kuldeep Rai Sharma, are also under scrutiny, as over Rs 500 crore was fraudulently obtained.

The Enforcement Directorate's investigation into the Andaman and Nicobar State Cooperative Bank Ltd loan irregularities case has intensified, with ten individuals being summoned for interrogation. These individuals, linked primarily to the shipping and hospitality sectors, are now answering questions at the ED's Kolkata office regarding their loan dealings.

An official from the ED confirmed that discrepancies were unearthed while examining the suspect's loan files, prompting the call for bank officials who approved these loans. Irregular practices such as neglecting proper collateral, sanctioning loans based on forged documents, and excessive loan approvals without justification were identified as critical issues.

The probe revealed that properties were repeatedly mortgaged. Furthermore, evidence collected by the ED suggests fraudulent activities involving over Rs 500 crore through more than 100 accounts. The investigation has already seen several arrests, including figures like ex-Congress MP Kuldeep Rai Sharma and former bank managing director K Murugan.