Sri Vijaya Puram: The Enforcement Directorate’s (ED) chargesheet in the ongoing probe into alleged financial irregularities at the Andaman and Nicobar State Cooperative Bank (ANSCB) has listed properties linked to Abdul Salam, a former policeman and now a prominent businessman with interests in hospitality and real estate.
As part of the wider investigation, the chargesheet references searches conducted at locations connected to multiple individuals. According to records reviewed by The Wave Andaman, “during the course of investigation, searches have also been conducted at premises linked to suspects Abdul Salam and one more individual, Najeeb Siddique, on 17.09.2025. An OA bearing no. 318/25 has been filed for retention of seized items and their role is under investigation.”
The chargesheet does not indicate any seizure or attachment of the properties linked to Salam. The ED has not issued a public statement on this aspect of the case, and further developments are awaited.
The Enforcement Directorate has also filed a prosecution complaint against 39 individuals and entities in connection with the alleged ₹500-crore ANSCB fraud, one of the most significant financial crime cases in the region. The complaint, submitted on 14 November before the Special Court under the Prevention of Money Laundering Act (PMLA) in Sri Vijaya Puram, names former Member of Parliament and ex-chairman of the bank, Kuldeep Rai Sharma, along with Managing Director K. Murugan, Loan Officer K. Kalaivanan, and private individuals including Sanjay Lal and Sanjeev Lal.
According to the ED, the case originated from an FIR filed by the Crime & Economic Offences Cell of the Andaman & Nicobar Police, which highlighted alleged irregular lending patterns, shell-company linkages, and diversion of loan funds. Investigators say the fraud was executed through more than 100 loan accounts created in the names of shell firms and companies associated with bank officials and their associates. These loans were allegedly sanctioned without adherence to banking norms and were structured not to be repaid, resulting in substantial losses for the cooperative bank.
The ED’s findings further note that large credit facilities were approved for entities floated by associates and relatives of senior officials. Proceeds from these loans were allegedly siphoned off, with portions withdrawn in cash and distributed as commission, including to senior ANSCB officials. A 5% commission was reportedly charged for facilitating multiple loans, based on instructions attributed to the former MP. Officials claim the cash often moved through shell entities to obscure the money trail.
During the investigation, four key accused, Kuldeep, Murugan, Kalaivanan, and Sanjay Lal, were arrested under PMLA provisions and remain in judicial custody. Earlier search operations across 21 premises in July–August and three additional premises in September reportedly led to the identification of over 50 immovable properties suspected to be linked to alleged proceeds of crime
