The Enforcement Directorate (ED) on Thursday conducted its first search in the Andaman and Nicobar Islands regarding financial fraud associated with Andaman and Nicobar State Cooperative Bank (ANSCB). The discoveries covered nine places in Port Blair and two sites in Kolkata.The investigation allegedly stems from the case registered by the Crime and Economic Offenses of the Adman Nicobar Police, according to the ED.The agency is investigating suspected irregularities how ANSCB gave loans and overdrafts to various shell companies and firms, allegedly ignored standard banking rules and procedures.Preliminary findings suggest that a group of about 15 institutions was allegedly designed to benefit Kuldeep Rai Sharma, a former MP from the islands, who is also the vice president of ANSCB.According to preliminary reports by the ED, Sharma has been nominated in the investigation.These institutions suspect that loans worth more than Rs 200 crore from the cooperative bank have been secured through fraud from the cooperative bank. A large part of the loan given funds was allegedly withdrawn in cash and was funnel for various beneficiaries including Sharma.
