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Time of India
13 hours ago
- Business
- Time of India
Hefty loans sanctioned on inflated property valuation in Andaman Co-op Bank scam: Police
Investigation into the Andaman and Nicobar State Cooperative Bank Ltd (ANSCBL) loan irregularities case involving Congress leader and former MP Kuldeep Rai Sharma has revealed that hefty loans in crores "were sanctioned with insufficient security coverage", a senior police officer said. The ANSCBL policy mandates that at least 150 per cent of the loan amount must be secured through collateral. However, it was found that in many cases, hefty loans were sanctioned with insufficient security coverage, exposing the bank to higher financial risk, the officer said. Probe revealed several instances of manipulation in property valuation certificates, and in a few cases, the role of Tehsildar is also under scanner, he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Remember Him? Sit Down Before You See What He Looks Like Now 33 Bridges "As per the bank policy, the lower valuation between the Tehsildar's report and that of the private assessor when sanctioning loans should be considered. But in many cases, forged higher valuation was considered while disbursing loans. This resulted in serious breach of policy and exposing the bank to a high-risk default," the senior officer said. He further said, "It was also found that several original documents, including title deeds and mortgage agreements, were found missing from loan files, raising concerns about document handling and security protocols within the bank". Live Events As per the Enforcement Directorate, more than Rs 500 crore was fraudulently obtained through more than 100 loan accounts from the bank. On July 30, a team of ED officers from Kolkata arrived in Port Blair and on July 31, they visited the ANSCBL office at Maulana Azad Road and Sharma's house at Junglighat in Port Blair and examined various people. They seized important data related to bank loan irregularity cases, an official said. Sharma was the Congress Andaman MP from 2019 to 2024. They also searched houses and offices of a few Port Blair traders/businessmen and former employees of ANSCBL, including ANSCBL managing director K Murugan. On May 15, an FIR was lodged against Sharma in connection with loan irregularities in ANSCBL. Apart from Sharma, others named in the FIR include the cooperative bank's former chairman, board members and directors/officials of the bank and several beneficiaries. On July 18, the CID arrested the former MP in connection with the ANSCBL loan irregularities case. Sharma, who formerly served as the chairman of ANSCBL, was arrested from a private hospital in Port Blair where he was admitted due to health issues. Police had received a complaint from the deputy registrar of the cooperative societies (HQs), which alleged gross irregularities in sanctioning loans to various people by the lender. Since June 25, eight people have been arrested in connection with the scam, including ANSCBL managing director K Murugan, bank employee Kalaivanan, and six others. PTI
New Indian Express
4 days ago
- General
- New Indian Express
Why TN's mango season soured: Uninterested pulp units, faltered exports and the road ahead
CHENNAI: The summer is past, but the sweat of uneasiness is still dripping from the eyebrows of mango farmers in Tamil Nadu, as the season was different this time around. While the 'king of fruits' entered households in abundance, as it generally does, the mango cultivators, who otherwise remain off the media glare, also entered the drawing rooms, virtually. They caught the attention of the media and thereby those in power, at least briefly, during the peak season in June. For about two weeks, the media, with its appetite for drama, covered episodes of farmers dumping mangoes in large quantities on the roads in protest and out of desperation, as the pulp-making units, whom they primarily rely on for selling their produce, either did not buy the fruit citing poor demand from up the value chain or offered an abysmal price of Rs 1 to Rs 5 per kg. While talking to TNIE in June, NT Bharat from Paradarami in Vellore pointing to a couple of thousand tonnes of mangoes harvested in the region with no buyer coming forward, said, "Officials said they will find a proper solution. We asked when? They do not understand the urgency. Our fruits are already rotting. If a person has a heart attack, we treat them immediately, right?". K Murugan from Marandahalli in Dharmapuri district said dumping the produce on roadside was a better way to prevent further losses. "We would otherwise have to spend Rs 1 per kg for cleaning and transport, besides labour charges for collecting the fruits, at a time when the companies are not even offering us Rs 5 per kg," he said. R. Venkatesan of Katpadi in Vellore, meanwhile, had a tractor full of mangoes waiting outside a pulp factory in Chittoor in Andhra Pradesh for a few days, expecting that they would be procured. "The fruits are rotting as we speak. It's heartbreaking," he told TNIE in the third week of June.
New Indian Express
4 days ago
- Politics
- New Indian Express
TN's Mango farmers left in lurch as pulp units shut doors, exports falter
The summer is past, but the sweat of uneasiness is still dripping from the eyebrows of mango farmers in Tamil Nadu, as the season was different this time around. While the 'king of fruits' entered households in abundance, as it generally does, the mango cultivators, who otherwise remain off the media glare, also entered the drawing rooms, virtually. They caught the attention of the media and thereby those in power, at least briefly, during the peak season in June. For about two weeks, the media, with its appetite for drama, covered episodes of farmers dumping mangoes in large quantities on the roads in protest and out of desperation, as the pulp-making units, whom they primarily rely on for selling their produce, either did not buy the fruit citing poor demand from up the value chain or offered an abysmal price of Rs 1 to Rs 5 per kg. While speaking to TNIE in June, NT Bharat from Paradarami in Vellore pointed to a couple of thousand tonnes of mangoes harvested in the region with no buyer coming forward, saying, 'Officials said they will find a proper solution. They do not understand the urgency. Our fruits are already rotting.' K Murugan from Marandahalli in Dharmapuri district said dumping the produce on roadside was a better way to prevent further losses. 'We would otherwise have to spend Rs 1 per kg for cleaning and transport, besides labour charges for collecting the fruits, at a time when the companies are not even offering us Rs 5 per kg,' he said. R Venkatesan of Katpadi in Vellore, meanwhile, had a tractor full of mangoes waiting outside a pulp factory in Chittoor in Andhra Pradesh for a few days, expecting that they would be procured. 'The fruits are rotting as we speak. It's heartbreaking,' he told TNIE in the third week of June. As voices from TN's mango-growing districts intensified and pressure mounted from the opposition parties, the state government met owners of pulp-making companies on June 16, 'urging' them to procure the mangoes, but to no avail. A week later, Chief Minister MK Stalin wrote to Prime Minister Narendra Modi and Union Agriculture Minister Shivraj Singh Chouhan seeking the implementation of the Market Intervention Scheme for mangoes in the state to compensate the farmers through Price Deficiency Payment (PDP), with the Union and state sharing the cost equally.
Time of India
29-06-2025
- Time of India
Probe sought into dalit man's death in Coimbatore
Coimbatore: Three days after a dalit man was found hanging from a tree with both hands tied with a rope at Sennakkalpalayam near Dharapuram, dalit organisations on Sunday condemned police for dismissing it as a suicide case and urged the district superintendent of police to conduct a fair probe into his death. Tired of too many ads? go ad free now K Murugan, 42, a daily wage labourer from Sennakkalpalayam, was found hanging from a tree in the locality on Thursday (June 26). When alerted, the Alangiyam police sent the body to the govt hospital at Dharapuram for postmortem. The body was handed over to his family members the next day, when it was cremated. Senior police officers said the postmortem findings did not indicate any sign of external force in Murugan's death. His family members also did not raise any suspicion over the death. Police subsequently registered a case under Section 194 of the Bharatiya Nagarik Suraksha Sanhita. Dalit activists, Viduthalai Chiruthaigal Katchi, Tamil Puligal Katchi and other dalit organisations on Sunday alleged foul play behind Murugan's death. They accused police of not conducting a proper investigation and forcing the family to cremate the body in haste. V Govindaraj of Vizhuthugal, an organisation working for the welfare of people belonging to Scheduled Caste and Scheduled Tribe, said there was foul play behind Murugan's death. "We are planning to petition the district collector, seeking a proper inquiry into Murugan's death."
New Indian Express
30-05-2025
- New Indian Express
Tourists face hardship as Gingee Fort in Villupuram lacks basic facilities during peak season
VILLUPURAM: The historic Gingee Fort is facing neglect at the height of the summer vacation season, when footfall usually goes up. Tourists visiting the 12th-century monument are voicing concerns over poor maintenance, with locked toilets and lack of drinking water facilities causing significant discomfort, especially for families with children. Every summer, Gingee Fort attracts thousands of visitors. But this year, the experience has been marred by basic infrastructure failures. With day temperatures soaring above 40°C, the absence of potable water facilities has become a major issue for visitors navigating the sprawling and rugged terrain of the fort complex. 'The fort is magnificent, but we had to cut our visit short because there were no working toilets or drinking water facilities. Our water bottles were empty by the time we returned from the fort, as there was no facility to fill them up, even though there was a tap,' said Thenmozhi Kumar, a tourist from Chennai visiting with her two children. 'Shockingly, such an important monument is so poorly maintained during peak season,' she said. Local vendors have attempted to meet demand by selling bottled water, but this has only added to tourists' frustration as the stock gets depleted quickly. Despite being a protected monument under the Archaeological Survey of India (ASI), Gingee Fort has long struggled with periodic neglect. TNIE visited the spot to find locked restroom gates and a ticket counter with no designated officer. 'It's painful to see such a historic treasure being ignored,' said K Murugan, a history teacher and resident of Gingee. 'The authorities need to step up and provide at least the minimum facilities, especially during school holidays when families come in large numbers,' he added.
