Former Congress MP Kuldeep Rai Sharma on Tuesday remanded to 3 days’ police custody by a Port Blair court in connection with an alleged loan fraud at the Andaman and Nicobar State Cooperative Bank Ltd (ANSCBL).
Sharma, who was arrested by the Criminal Investigation Department (CID) on July 18, was produced before the Chief Judicial Magistrate after the expiry of his judicial custody. His bail plea was rejected.
The case stems from an FIR registered on May 15, alleging irregularities in the sanctioning of loans during Sharma’s tenure as bank chairman.
Investigators claim the bank’s managing committee bypassed recommendations from the loan screening committee and ignored credit reports and key documentation, approving loans without due diligence.
Sharma was taken into custody from a private hospital where he had been undergoing treatment.
The CID has so far arrested eight people, including former board members, directors, and loan beneficiaries, since June 25.
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