ED Cracks Down on Island Loan Scam: Sharma Under the Scanner
The Enforcement Directorate (ED) launched a major crackdown on July 31, 2025, conducting simultaneous raids across Andaman and Nicobar Islands and Kolkata. The operation targets a massive money-laundering probe linked to the Andaman Nicobar State Cooperative Bank (ANSCB).
The investigation centres on alleged irregularities in loan disbursement, with crores of rupees reportedly channelled to shell companies. Preliminary findings suggest a complex web of financial transactions.
Former Member of Parliament, Kuldeep Rai Sharma, who served as ANSCB’s Vice-Chairman, is under intense scrutiny. He is suspected of misusing over Rs 200 crore through this alleged loan fraud.
The ED’s action underlines the growing concern over financial irregularities within cooperative banks. The scale of the alleged fraud raises serious questions about regulatory oversight and accountability. This case highlights the urgent need for stricter measures to prevent such large-scale financial crimes from impacting the cooperative banking sector, especially in remote regions.
