Overview

• A special PMLA court ordered eight days of ED custody for Kuldeep Rai Sharma and loan officer K. Kalaivanan following Wednesday’s arrests.
• The ED alleges the scheme pushed ANSCBL’s fraud and NPA exposure beyond Rs 500 crore, with Rs 230 crore allegedly routed for Sharma’s benefit.
• More than 100 loan accounts were created in the names of firms and shell companies in breach of bank procedures, according to the agency.
• Investigators say MD K. Murugan and Kalaivanan also took loans via relatives’ firms and collected 5% commissions, with large sums withdrawn in cash for distribution to senior officials.
• The probe stems from a Crime and Economic Offences Cell FIR, after which the ED searched 21 premises in July–August and is now conducting additional searches at multiple locations.