Banking Scandal Rocks Andaman and Nicobar

In a significant development, two officials from the Andaman and Nicobar State Cooperative Bank Ltd were arrested in connection with a loan irregularities scandal. Previous arrests and the ongoing investigation have unveiled a network of individuals involved in unethical banking practices, leading to a broader probe.

In a major development, authorities have arrested two officials from the Andaman and Nicobar State Cooperative Bank Ltd, shedding light on a burgeoning loan irregularities scandal. The managing director, K. Murugan, and another bank staff member, Kalaivanan, are now in custody, building upon a series of arrests that began with three individuals apprehended earlier for allegedly sanctioning shady loans.

The investigation reveals a deeply entrenched network of suspect banking activities, with five individuals implicated so far. Interrogations have pointed to possible involvement of more senior officials in the scheme. Law enforcement has seized important documents and the probe is in full swing.

The scandal first came to light when an FIR was filed against the bank's vice-chairman and ex-Congress MP Kuldeep Rai Sharma. Authorities are also looking into financial connections involving unusual recipients, such as a local driver and a tea stall owner. As the investigation deepens, the role of the bank's managing committee and its decision-making processes are under scrutiny.

(With inputs from agencies.)