ED seizes A&N resorts in Rs 500cr scam linked to former Congress MP | India News
New Delhi: The ED has attached several hotels, resorts and land worth over Rs 200 crore in Andaman and Nicobar in a money laundering case investigating allegations of misappropriation of Rs 500 crore in the Andaman and Nicobar State Cooperative Bank.Former Congress MP Kuldeep Rai Sharma, who was arrested earlier and whose bail plea was rejected by the Calcutta High Court, is one of the accused in the case along with 38 others, including family members, bank officials and close associates.“Investigation revealed that Sharma, the then vice-chairman of the bank, in connivance with his accomplices, had set up and operated 23 shell companies and a number of other entities for the purpose of obtaining fraudulent loans from the bank,” the ED said on Friday. The agency’s February 10 attachment order listed 51 properties attached in cases under the PMLA.It said fraudulent loans and overdrafts of Rs 300 crore were sanctioned in the name of 21 shell companies, out of which loans of Rs 271 crore to 18 shell companies turned into non-performing assets.“In total, more than 100 high-cost loans were sanctioned to these firms in gross violation of NABARD guidelines, RBI instructions and internal circulars of co-operative banks,” the agency said.51 properties attached by the agency from the alleged proceeds of crime, are in the names of the accused persons, their family members, close associates and companies/firms controlled by them, the ED said.
