ED's biggest action, three arrested in bank fraud case

Kolkata, September 17 (IANS). The Maintenance Directorate (ED) arrested three people in a bank fraud case on Wednesday. The Kolkata Regional Office took these steps in terms of the provisions of PMLA 2002. The Directorate for Enforcement (ED), Kolkata, arrested three people. Kuldeep Rai Sharma, former MP of Andaman and Nicobar Islands and former chairman of Andaman and Nicobar State Cooperative Bank (ANSCBL), MD (ANSCBL) Murugan and loan officer (ANSCBL). There is calibration. Under the PMLA, the Special Court sent Kuldeep Rai Sharma and K. Kalawanan for a period of 8 days after the conservation of ED. These are the first arrests made by the ED in the Union area Andaman and Nicobar Islands. The ED launched an investigation on the basis of a fir submitted against various private persons and officials of the bank by crime and economic crime cells from Andaman and Nicobar police. The case is related to the fraud conducted by the officials of Andaman and Nicobar State Cooperative Bank Limited, including Kuldeep Rai Sharma and other people responsible for the sanction of bank loans. These individuals, along with their colleagues, formed many false companies and violated the bank’s rules and prescribed procedures and approved large loans to them and their regular institutions, the sole purpose of which was not paying money, which damaged the bank and made profits. The investigation conducted so far indicates that the bank’s prescribed procedures and guidelines have been completely disregarded, loan facilities have been approved by more than 100 loan accounts in the name of various firms and false enterprises, and the amount included in fraud, and NPAs are more than Rs 500 crore. The evidence collected so far also shows that a loan of about Rs 230 crore was taken out of fraud for the benefit of his colleagues, including Kuldeep Rai Sharma and Managing Director and Loan Officer. ED Investigation also revealed that MD KK Murugan and loan officer KK Kalawanan also cheated on the bank with fraud in the name of companies formed in the name of his family members. He helped his colleagues get several loans instead of the 5 percent commission, which was given on the instructions of Kuldeep Rai Sharma. The commission amount was used either as cash or by colleagues using accounts of shell companies. In the order of earlier searches regarding the derivation of banking funds, in three premises in Andaman and Nicobar Islands. In this case, earlier on July 31, 2025 and August 01, 21 campuses were searched, including Kuldeep Rai Sharma’s complex in collusion with his colleagues. Investigations revealed that the loan amount was derived and obscured by various false institutions and that a large part of these loans were withdrawn in cash and senior bank officials, including Kuldeep Rai Sharma, were paid as a share. -Ians Ash/DKP Share This Story Tags