The Enforcement Directorate (ED), the central agency in India who is responsible for investigating financial crimes like money laundering has arrested three individuals in connection with a ₹500 crore bank fraud case related to the Andaman and Nicobar State Cooperative Bank (ANSCB). The ED has arrested Kuldeep Rai Sharma, a former Member of Parliament (MP) from the Andaman and Nicobar Islands, K Murugan Managing Director of the bank, K Kalaivanan Loan Officer of the bank.
Kuldeep Rai Sharma allegedly played a key role in the fraud. K Murugan, as the head of the bank, likely had authority over large financial decisions, which may have been misused. K Kalaivanan may have helped process or approve fraudulent loans or financial transactions.
All threeare accused of being involved in a massive financial scam involving ₹500 crore (5 billion rupees). The scam likely involved fraudulent loans, misuse of banking systems, or money laundering. Currently the ED is investigating how the money was misappropriated and who benefited from it.
They were arrested for their involvement in a ₹500 crore bank fraud related to the Andaman and Nicobar State Cooperative Bank (ANSCB).
