Former Andaman Nicobar MP arrested.
The Enforcement Directorate on Wednesday arrested former Andaman and Nicobar Islands MP and Congress leader Kuldeep Rai Sharma and two others in the money laundering case related to alleged cooperative bank loan “fraud”.
The Enforcement Directorate (ED), Kolkata Zone arrested three people in a large bank scam associated with Andaman and Nicobar State Cooperative Bank (ANSCBL), including Murugan, Managing Director, ANSCBL and K Kailvanan, Lone Officer, ANSCBL, in addition to Kuldeep Rai Sharma.
He has been arrested on 17 September 2025 under the Prevention of Money Laundering Act (PMLA), 2002. The special court has sent Kuldeep Rai Sharma and K Kailvanan to 8 days ED custody. This is the first major action of ED in Andaman and Nicobar.
Know what is the whole matter
The ED started the investigation on the basis of the FIR lodged in the crime and economic crime branch of the Andaman Police. It is alleged that bank officials and private people used to pass fake companies and pass big loans from the bank.
After breaking the bank’s rules, more than 100 fake loan accounts were opened and a loss of about Rs 500 crore was transported to the bank. Out of this, about 230 crore rupees were given to benefit Kuldeep Rai Sharma and his associates.
How did the scam do?
In exchange for passing the loan, 5% commission was taken, which was either found in cash or transactions were done through fake companies. The managing director and loan officer of the bank also used to take loans by making companies in the name of their relatives. All this was done at the behest of Kuldeep Rai Sharma.
Red at three locations regarding scam
ED has raided three places in Andaman and Nicobar. Earlier, on 31 July and 1 August 2025, 21 places were conducted. Investigation revealed that the money taken from the bank was withdrawn through different fake companies and distributed among the big officials and leaders. The investigation is still on. More information can be revealed further.
