Calcutta High Court Denies Bail in Massive Andaman Bank Fraud Case

The Calcutta High Court rejected bail for former Andaman MP Kuldeep Rai Sharma and Sanjay Lal in a Rs 500 crore bank fraud case. The court granted bail to K Murugan, citing health reasons. The case involves sanctions of fraudulent loans worth over Rs 500 crore via shell companies.

The Calcutta High Court, on Tuesday, denied bail to former Andaman MP Kuldeep Rai Sharma and Sanjay Lal in connection with a Rs 500 crore bank fraud. Justice Apurba Sinha Ray heard the case, granting bail only to K Murugan due to health reasons.

Sharma and Lal are part of a major investigation conducted by the Enforcement Directorate under the Prevention of Money Laundering Act, 2002. They were involved with the Andaman and Nicobar State Cooperative Bank (ANSCBL) concerning fraudulent loans approved under suspicious circumstances.

The probe revealed a network of over 100 shell firms used to siphon Rs 230 crore for the personal advantage of Sharma and his associates. The investigation follows a complaint from the cooperative societies' deputy registrar, bringing to light significant loan irregularities.

(With inputs from agencies.)