Overview

• The Enforcement Directorate executed its first PMLA searches in Andaman & Nicobar Islands and Kolkata on July 31 across nine Port Blair sites and two Kolkata premises.
• Officials seized documents indicating large-scale procedural breaches in ANSCB’s loan and overdraft approvals to shell firms.
• Evidence suggests about 15 entities were created to funnel over ₹200 crore in fraudulent loans benefiting Kuldeep Rai Sharma.
• Investigators allege a major share of the funds was withdrawn in cash and distributed to Sharma and other beneficiaries.
• The probe now focuses on tracing the diverted money and probing potential collusion by ANSCB officials.