ED arrests ex-Andaman MP Kuldeep Rai Sharma in ₹500 crore money laundering case linked to bank 'fraud' case
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Summary
The ED arrested former Andaman MP Kuldeep Rai Sharma and two bank officials in a ₹500 crore cooperative bank fraud case. The accused allegedly approved loans to shell companies in violation of bank pr...
Key Details
Published
17 September 2025 at 10:00 pm
Source
Mint
Channel
NA
Victim Profile
NA
State
Andaman and Nicobar Islands
City
NA
Amount Loss Range
> ₹10000000
Fraud Keywords
cooperative bank fraudshell companiesfraudulent loansprocedural violationsbank insider fraudshell companiesloan commission schememoney launderingpolitical corruption
Tags
Digital Footprint
Kuldeep Rai Sharma (former MP and bank chairman)K Murugan (bank MD)K Kalaivanan (bank loan officer)Andaman Nicobar State Cooperative Bank (ANSCB)₹500 crore (total fraud amount)₹230 crore (amount for Sharma and associates)5% commission on loansOver 100 accounts under various firms and shell companiesFIR by Crime and Economic Offences Cell of Andaman & Nicobar Police