Investigation Uncovers ₹500 Crore Loan Fraud Linked to Former Congress MP

The Enforcement Directorate is probing a significant loan fraud case involving former Congress MP Kuldeep Rai Sharma, uncovering over ₹500 crore obtained through fraudulent means across more than 100 accounts. Recent searches have led to the seizure of documents related to assets worth over ₹100 crore. The investigation is ongoing, with officials gathering crucial evidence to support their case. This development raises serious questions about financial practices within the cooperative banking sector in the region.

By Narendra Chaudhary Aug 2, 2025, 08:59 IST

ED Investigates Loan Irregularities in Andaman and Nicobar Islands

The Enforcement Directorate (ED) is investigating a loan irregularity case involving former Congress MP Kuldeep Rai Sharma and the Andaman and Nicobar State Cooperative Bank Limited (ANSCBL). The agency has discovered that over ₹500 crore was fraudulently obtained through more than 100 accounts.

A senior official from the ED revealed this information on Friday. He stated, “This was the first search operation conducted by the ED in the archipelago on July 31 and today (August 1). During the search, our officials collected evidence indicating that more than ₹500 crore in loans were fraudulently acquired through over 100 loan accounts.”

He further mentioned, “Our team conducted searches at several locations, including the residence of the former Congress MP, and we have identified and seized documents related to assets worth over ₹100 crore. Our investigation is ongoing.”