Archive · 15 Dec 2025
Court rejects bail plea in Andaman bank fraud case
A court in Port Blair rejected the bail plea of four people, including a former Congress MP, Kuldeep Rai Sharma, in a big fraud case involving a bank in the Andaman and Nicobar Islands.
The court said there is enough evidence to show that these people were involved in money laundering and fraud.
The fraud involved over Rs 500 crore, and the court found that the accused created fake companies and gave loans to them without following the proper rules.
The court also said that the accused tried to destroy evidence and gave bribes to Sharma.
The Enforcement Directorate has charged 39 people and companies in this case.
Court rejected bail plea of four individuals, including former Congress MP Kuldeep Rai Sharma, in a Rs 500 crore cooperative bank fraud case.
The court found prima facie evidence of money laundering and fraudulent activities involving shell companies and bribes.
The Enforcement Directorate has chargesheeted 39 people and entities in the case.
The fraud involved loans sanctioned through over 100 loan accounts in the names of various firms and shell companies.
The court observed that the accused destroyed evidence and gave bribes to Sharma, leading to the acquisition of immovable properties.
- Who
- Kuldeep Rai Sharma, K Murugan, K Kalaivanan, Sanjay Lal
- What
- Court rejected bail plea in a Rs 500 crore cooperative bank fraud case
- When
- December 12
- Where
- Port Blair
- Why
- Court found prima facie evidence of money laundering and fraudulent activities
- Accused Individuals
- Kuldeep Rai Sharma, K Murugan, K Kalaivanan, Sanjay Lal
- Case Details
- Rs 500 crore cooperative bank fraud
- Act Involved
- Prevention of Money Laundering Act (PMLA)
- Court Location
- Port Blair
- Number of Chargesheeted
- 39 people and entities
- Amount Involved
- Exceeds Rs 500 crore
- Date of Bail Plea Dismissal
- December 12