The Directorate of Enforcement (ED) has conducted its first-ever search operation in the Andaman Nicobar Islands to investigate an alleged fraud case at the Andaman Nicobar State Cooperative Bank (ANSC Bank). The searches were conducted under the Prevention of Money Laundering Act (PMLA) and found incriminating documents indicating large-scale irregularities in loan and overdraft facilities. The searches also revealed that a group of around 15 entities and companies were created by suspects for the benefit of Kuldeep Rai Sharma, ex-Minister of Parliament for Andaman & Nicobar Islands and Vice-Chairman of the bank.
