Directorate for Pravo enforcement (ED) on Wednesday 17th September was arrested by the leader of the Kuldeep Congress Rai Sharma (58 years) also a former member of the parliament of Andaman and Nicobar Islands and two others in the case of money washing allegedly £500-Crore Cooperative Bank Fraud.
According to the ED statement, Sharma is a former chairman of the state -owned bank Andaman Nicobar (ANSCB). The Murugan, MD banks and Kalaivanan, credit official of the bank, are two more arrested, he said. The agency added a special prevention of the money laundering law (PMLA) in Calcutta, with ED to change Sharma and Kalaivanan for eight days of custody.
Officials stated that Murugan was not submitted before court because he was admitted to the hospital.
The agency said the case includes alleged fraud exceeding £500 Crore, allegedly carried out by cooperative bank officials, including Sharma and other responsible loan approval.
Ed said: “These persons who agreed to their accomplice floated several shells and sanctioned large loans, as well as their regular entities in the obvious violation of the rules and the procedures of the bank with a single intention to interfere with the funds.
The case of money laundering comes from the company filed with the police cell Andaman & Nicobar Cell Andaman & Nicobar Cell.
According to ED, his investigation suggests that loans have been approved through more than 100 accounts open under the names of different companies and Shell companies, in the “complete ignoring” of the established procedures and the instructions of the bank, while the total amount concerned “fraud” £500 crore.
£230 crore loan ‘fraudulently received in favor of Sharma and its collaborators’
“Evidence still suggests that the amount of loan £230 Crore was fraudulently accepted exclusively in favor of Sharma and his colleagues, including the CEO (Murugan) and a credit officer (Kalaivanan), ”he said.
The agency accused Murugan and Kalaivanan of “fraudulent” securing of loans from the bank using companies established under the names of their relatives.
According to the accusation, they helped their collaborators more loans and received 5 % commission for each of them according to Sharma’s instructions. The Commission was reportedly collected either in “cash” or through collaborators through the bank accounts of Shell.
Ed made a search in July and August and marked its first air raids in the case of money washing on the Andaman Islands.
The Andaman police arrested Sharma in July. Murugan and Kalaivanan were arrested among these 8 individuals.
(Tagstotranslate) Money washing
