An FIR has been lodged against Kuldeep Rai Sharma, vice chairman of the Andaman and Nicobar State Cooperative Bank (ANSCB) and former Congress MP, over alleged irregularities in the sanctioning of loans.
The complaint, filed by the Deputy Registrar of Cooperative Societies (HQ), details multiple violations of banking procedures. These include bypassing recommendations from the loan screening committee, disregarding CIBIL score reports, and issuing loans with insufficient documentation. The report also highlights that some site verification documents lacked the mandatory signatures of branch managers.
The FIR, registered on May 15, also names other board members, bank staff, and loan beneficiaries. Police are currently reviewing bank documents and conducting an in-depth investigation.
According to SSP (CID) Jitendra Kumar Meena, who spoke to The Wave Andaman, authorities are gathering evidence and will prepare a chargesheet once the investigation concludes. Initial findings suggest several loan approvals were granted without proper scrutiny, raising serious concerns about oversight mechanisms within the cooperative bank.
This case adds to a growing list of financial management controversies within cooperative banking institutions in India. It also brings into focus the recurring issue of political influence and inadequate governance in such financial entities.
The unfolding inquiry is expected to bring greater clarity on the extent of irregularities and may lead to a broader push for reforms in cooperative banking oversight and accountability.
