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Bail Granted to Seven Accused in ₹500 Crore Andaman Bank Loan Scam Case
Seven accused in the alleged ₹500 crore loan scam case of Andaman & Nicobar State Cooperative Bank have been granted bail. The court ruling comes amid ongoing investigations by the Police and the Enforcement Directorate (ED).
Author: V.Gayathri
Published: 2 hours ago
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The Chief Judicial Magistrate’s Court in Port Blair has granted bail to seven individuals arrested in connection with the alleged loan scam at the Andaman and Nicobar State Cooperative Bank Ltd (ANSCBL). The case involves alleged fraudulent sanctioning of loans exceeding ₹500 crore through shell companies and multiple accounts, as reported by Hindustan Times.
Key Individuals Granted Bail
Those granted bail include business owners and former bank officials such as:
- M. Sajid (Andaman Escapades)
- Tarun Mondal (Blair Enterprises Pvt. Ltd.)
- Bablu Halder (Andaman Mormon Infrastructure Pvt. Ltd.)
- Ajay Minz (Andaman Treepie Adventure Pvt. Ltd.)
- K. Subramanian (former ANSCBL director)
Additionally, former chairman and MP Kuldeep Rai Sharma, former managing director K. Murugan, bank employee Kalaivanan, and businessman Sanjay Lal were also listed.
Judicial Custody Continues for Some Accused
Despite bail approval, Kuldeep Rai Sharma, Kalaivanan, Murugan, and Sanjay Lal will remain in judicial custody as they have not yet received bail in the ongoing Enforcement Directorate (ED) case.
Background of the Case
The matter began when the Crime and Economic Offences Cell filed an FIR on May 15 following a complaint by the Deputy Registrar of Cooperative Societies citing large-scale irregularities in loan sanctions. The ED later initiated a parallel investigation and conducted its first search operation in the islands on July 31.
ED Findings
According to the ED, loans worth more than ₹500 crore were allegedly sanctioned through over 100 accounts linked to various shell companies. The agency claims that approximately ₹230 crore was taken for the benefit of Kuldeep Rai Sharma and his associates. The ED also stated that a 5% commission was allegedly charged and routed through cash or shell companies.
While bail has been granted to several individuals, the investigation into the alleged loan scam continues. Both the Police and ED are examining evidence, financial trails, and loan transactions to determine accountability and recovery.
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