The Enforcement Directorate (ED) raided this union territory on Thursday for the first time in connection with the investigation of the money laundering case related to the alleged cooperative bank debt ‘fraud’ associated with a former MP of Andaman and Nicobar Islands. The case is related to Andaman and Nicobar State Cooperative Bank (ANSCB) and its vice -president Kuldeep Rai Sharma.
Congress leader Sharma (57) is the former MP of this Union Territory (2019-24). Sources said that officials of the Central Investigation Agency raided Port Blair and nine places in Port Blair and two places under the Money Prevention Act (PMLA).
He said that this is the first time the agency has raided this union territory located in the Bay of Bengal. Sources said that the agency has found some documents that indicate “large -scale” irregularities in providing loan facilities by ANSC Bank.
According to sources, the role of former Congress MP Sharma is also under the scrutiny of ED. He alleged that a group of about 15 institutions/companies was formed by the suspects to benefit Sharma and these institutions cheated ANSCB and took loan facilities worth more than Rs 200 crore.
Sources said that the documents collected indicated that loan facilities were given to various mask companies by ignoring the bank’s prescribed procedures and guidelines. This case of money refinement stems from an FIR of the crime and economic crime branch of the Andaman and Nicobar Police.