Loan Scandal Unveiled at Andaman and Nicobar State Cooperative Bank

Authorities have granted bail to seven individuals involved in a loan irregularities case at the Andaman and Nicobar State Cooperative Bank. However, several high-profile suspects remain in custody. The case involves fraudulent loan sanctions exceeding Rs 500 crore, which were funneled through shell companies.

The Chief Judicial Magistrate's Court has granted bail to seven individuals involved in the alleged loan irregularities at the Andaman and Nicobar State Cooperative Bank, officials confirmed on Friday.

The individuals include M. Sajid, Tarun Mondal, Bablu Halder, Ajay Minz, K. Subramanian, K. Murugan, and businessman Sanjay Lal. However, several key figures, including Kuldeep Rai Sharma, remain in custody as investigations continue.

The investigations, led by the Enforcement Directorate, have uncovered a scheme where loans exceeding Rs 500 crore were fraudulently sanctioned through shell companies, benefiting Sharma and his associates. The illicit activity was facilitated through the manipulation of banking norms.

(With inputs from agencies.)