The Enforcement Directorate (ED) has carried out its first-ever raids in the Andaman and Nicobar Islands. The action is linked to a ₹200 crore scam involving the Andaman and Nicobar State Cooperative Bank (ANSCB).
Raids took place at nine locations in and around Port Blair, and two in Kolkata.
The investigation began after a case was filed by the Crime and Economic Offences Wing of the local police. The ED is now checking how the cooperative bank gave out loans and overdrafts, many of which may have broken standard banking rules.
Early findings suggest that about 15 fake companies were set up to get these loans. The money was later withdrawn in cash and sent to different people, including former Member of Parliament Kuldeep Rai Sharma. He is also the vice-chairman of the bank and is named in the case.
Officials say the loans were given without proper checks. The ED is reviewing records and documents to trace where the money went. This marks the first time such enforcement action has taken place in the Union Territory.
