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Rs 121 Crore Assets Seized in Andaman Bank Fraud
11 Nov
Summary
- Two tourist vessels imported from Croatia were seized.
- A former local MP is a key accused in the fraud.
- Assets valued at Rs 121.35 crore have been attached.
The Enforcement Directorate (ED) has attached assets totaling Rs 121.35 crore in connection with an alleged Rs 500 crore cooperative bank fraud in the Andaman and Nicobar Islands. The attached properties include two semi-submarine tourist vessels imported from Croatia, a hotel, land parcels, and bank deposits. A fresh chargesheet was filed on November 6, 2026, before the Prevention of Money Laundering Act (PMLA) court in Port Blair.
Key figures in the alleged fraud include former local MP and Congress leader Kuldeep Rai Sharma, who served as the vice chairman of the Andaman and Nicobar State Co-operative Bank (ANSCBL). The ED claims Sharma, along with bank officials and associates, facilitated loans through shell companies in violation of rules, with the funds being diverted and never repaid. Bribes of approximately 5% of the loan amount were allegedly taken.
With this latest action, the total value of attached assets in the case has reached Rs 326 crore. The ED had previously filed its first chargesheet in November 2025, naming 52 accused individuals in total across both chargesheets.
