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Time of India
02-08-2025
- Time of India
Andaman bank fraud: ED seizes documents revealing Rs 100 crore benami properties
NEW DELHI: In its first ever searches on the Andaman & Nicobar Islands, allegedly involving former Congress MP Kuldeep Rai Sharma, the Enforcement Directorate on Saturday said it has seized documents that reveal benami properties worth over Rs 100 crore by laundering more than Rs 500 crore of loans of a cooperative bank based in the union territory. Searches were conducted at nine places in Port Blair and Kolkata on Thursday and Friday,. "Documents recovered reveal properties of around Rs 100 have also revealed that several shell companies were created by Kuldeep Rai Sharma, ex-MP of Andaman and Nicobar Islands, in connivance with his associates Sanjay and Sanjeev Lall, and loan facilities of more than Rs 500 crore were fraudulently taken by these entities from the A&N State Cooperative Bank," ED said, adding that the loan amount was diverted and siphoned off through these shell entities. Sharma, a former vice-chairman of the bank, was arrested by the island police on July 18 and is a prime accused in the alleged misappropriation of bank funds by issuing loans to shell entities and laundering proceeds. "Loans were extended through 106 accounts to various shell companies, ignoring the laid down procedures," the agency said based on evidence collected. It confirmed that searches have also led to identification and recovery of property documents of around Rs 100 crore. ED said, "A substantial portion of these loans were withdrawn in cash and have been paid as kickbacks to senior bank officials, including Sharma". He was till recently serving as the vice-chairman of the cooperative bank. The agency is conducting a physical inspection of the alleged benami properties it found.
Economic Times
01-08-2025
- Economic Times
Over Rs 500 cr in loans siphoned through more than 100 accounts: ED on Andaman Co-op Bank Scam
The Enforcement Directorate investigating the Andaman and Nicobar State Cooperative Bank Ltd (ANSCBL) loan irregularities case involving Ex-Congress MP Kuldeep Rai Sharma has detected that more than Rs 500 crore in loans were fraudulently obtained through more than 100 accounts, an officer said on to PTI, a senior ED officer said, "This was the first ever search operation by the ED in the archipelago on July 31 and today (on August 1). During the search operation, our officers collected evidence which suggested that over Rs 500 crore loan amounts were fraudulently obtained through more than 100 loan accounts." He said, "Our officers conducted searches at various places, including the house of a former Congress MP and we have identified and recovered property documents of more than Rs 100 crore. Our investigation is going on." The ED team also visited the office of a chartered accountant in Port Blair on Friday to get some leads in the loan fraud case, the officer once again, the bail prayer of Sharma was rejected by the CJM court in Port Blair on Friday, and he was sent to 14-day judicial custody. 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 also searched houses and offices of a few Port Blair traders and businessmen and former employees of ANSCBL, including managing director K May 15, an FIR was lodged against Sharma in connection with the same from Sharma, others named in the FIR include the cooperative bank's former chairman, board members and directors/officials of the bank and several July 18, the Andaman and Nicobar Police CID arrested the ex-Congress 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 are allegations that the bank's managing committee overlooked the recommendations of the loan screening committee and ignored the CIBIL report and mandatory documents while sanctioning loans, a police source 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
Time of India
01-08-2025
- Time of India
Over Rs 500 cr in loans siphoned through more than 100 accounts: ED on Andaman Co-op Bank Scam
The Enforcement Directorate's investigation into loan irregularities at the Andaman and Nicobar State Cooperative Bank Ltd, involving ex-Congress MP Kuldeep Rai Sharma, has revealed over Rs 500 crore in fraudulent loans obtained through more than 100 accounts. Searches led to the recovery of property documents worth over Rs 100 crore. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Enforcement Directorate investigating the Andaman and Nicobar State Cooperative Bank Ltd (ANSCBL) loan irregularities case involving Ex-Congress MP Kuldeep Rai Sharma has detected that more than Rs 500 crore in loans were fraudulently obtained through more than 100 accounts, an officer said on to PTI, a senior ED officer said, "This was the first ever search operation by the ED in the archipelago on July 31 and today (on August 1). During the search operation, our officers collected evidence which suggested that over Rs 500 crore loan amounts were fraudulently obtained through more than 100 loan accounts."He said, "Our officers conducted searches at various places, including the house of a former Congress MP and we have identified and recovered property documents of more than Rs 100 crore. Our investigation is going on."The ED team also visited the office of a chartered accountant in Port Blair on Friday to get some leads in the loan fraud case, the officer once again, the bail prayer of Sharma was rejected by the CJM court in Port Blair on Friday, and he was sent to 14-day judicial 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 also searched houses and offices of a few Port Blair traders and businessmen and former employees of ANSCBL, including managing director K May 15, an FIR was lodged against Sharma in connection with the same from Sharma, others named in the FIR include the cooperative bank's former chairman, board members and directors/officials of the bank and several July 18, the Andaman and Nicobar Police CID arrested the ex-Congress 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 are allegations that the bank's managing committee overlooked the recommendations of the loan screening committee and ignored the CIBIL report and mandatory documents while sanctioning loans, a police source 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 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
Time of India
01-08-2025
- Time of India
For 1st time, ED enters Port Blairon bank scam trail
NEW DELHI: In its first-ever enforcement action in Andaman & Nicobar Islands, the ED on Thursday conducted searches at nine locations in Port Blair and two in Kolkata in a money laundering case against a former Congress MP from the island and officials of the Andaman Nicobar State Cooperative (ANSC) Bank for alleged fraud of over Rs 200 crore. Tired of too many ads? go ad free now Former MP Kuldeep Rai Sharma, who was arrested by the Island police on July 18, is the prime accused in the case for alleged misappropriation of bank funds by issuing loans to shell entities and laundering the proceeds. Sharma is the vice-chairman of ANSC Bank. The police FIR too has alleged large-scale irregularities in grant of loans and overdraft facilities by ANSC Bank. At least eight persons have been arrested in the case, including Sharma and other bank officials, by the local police. On July 29, a special court granted the police Sharma's custody for further interrogation. The ED may seek his custody after the police investigation to identify properties purchased using the "proceeds of crime" and attach them. "Evidence collected so far indicates that loan facilities were extended to various shell companies/firms, with 15 of them created by suspects for the benefit of Kuldeep Rai Sharma, a former MP of Andaman & Nicobar Islands," a source alleged. The agency has found that loans of more than Rs 200 crore were fraudulently taken by these entities from ANSC Bank. "A substantial portion of these loans was withdrawn in cash and paid to the beneficiaries, including Kuldeep Rai Sharma," sources said.
NDTV
31-07-2025
- Business
- NDTV
First-Ever Raids In Andaman Islands In Rs 200 Crore Cooperative Bank Fraud
In a major development, the Enforcement Directorate (ED) on Wednesday carried out its first-ever search operation in the Andaman and Nicobar Islands. The operation is linked to an alleged Rs 200 crore loan fraud involving the Andaman Nicobar State Cooperative Bank (ANSCB). According to the ED, simultaneous raids were conducted at nine locations in and around Port Blair and two premises in Kolkata. The searches are part of an ongoing money laundering investigation connected to large-scale financial irregularities in loan disbursals by the cooperative bank. During the search, ED officials recovered incriminating documents suggesting that ANSCB extended loan and overdraft facilities to shell companies by flouting established banking norms. The central agency claims that around 15 companies/entities were set up to illegally route funds, allegedly for the benefit of Kuldeep Rai Sharma, the former Member of Parliament from Andaman and Nicobar Islands. Crucially, the ED alleges that these entities fraudulently availed over Rs 200 crore in loans, with significant amounts withdrawn in cash and allegedly funneled to Mr Sharma. The former MP is also listed as the Vice-Chairman of ANSCB, raising concerns over conflict of interest and potential misuse of position. The investigation was launched following an FIR registered by the Crime and Economic Offences Wing of the Andaman and Nicobar Police, naming private individuals as well as officials of the cooperative bank. ED's search marks a historic first for the island territory and underscores the agency's growing focus on unearthing financial crimes in remote administrative zones.
