Andaman's Shell Company Scandal: Financial Irregularities Exposed
Police in the Andaman and Nicobar Islands have discovered numerous shell companies involved in a loan scandal with a cooperative bank. Accounts have been frozen, and an FIR names several individuals, including a former MP, alleging improper loan sanctions. Investigations continue with numerous suspects questioned.
- Country:
- India
The Andaman and Nicobar Islands Police have uncovered a network of shell companies linked to significant financial irregularities involving a cooperative bank. The ongoing investigation, which has led to the freezing of several accounts, follows complaints about improper loan sanctions by the bank, officials confirmed.
An FIR lists former Congress MP Kuldeep Rai Sharma, alongside other notable past officials of the Andaman and Nicobar State Cooperative Bank Ltd, citing 'gross irregularities.' The allegations suggest that the bank sanctioned large loans against recommendations from the loan screening committee and CIBIL reports.
Amidst the scandal, CID officials have seized about 50 loan files and questioned more than 40 people, including directors of suspected shell firms. The bank's MD has since assured customers of its financial stability, urging them not to panic.
(With inputs from agencies.)
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