New Delhi: In its first discovery on Andaman and Nicobar Islands, former Congress MP Kuldeep Rai Sharma was reportedly involved, on Saturday the Enforcement Directorate said that it has seized the documents, which manifests benami properties worth more than Rs 500 crore, which is more than a cooperative bank’s lodge for a cooperative bank for a cooperative sector for more than Rs 500 crore.On Thursday and Friday, Port Blair and Kolkata were discovered at nine places. “Documents reveal assets worth about Rs 100 crore … discoveries have also revealed that many shell companies were created by Kuldeep Rai Sharma, East-MP of Andaman and Nicobar Islands, along with their colleagues with Sanjay and Sanjeev Law, and loans of more than Rs 500 crore were linked to another name.” Divarted and closed through these shell institutions.Sharma, a former vice -president of the bank, was arrested by the island police on July 18 and is a prominent accused in alleged misuse of bank funds by issuing loans to Shell Entities and Laundering Income.Based on the evidence collected, the agency said, “The loan was expanded through 106 accounts for various shell companies.” It confirmed that the discoveries have also identified and recovered property documents worth about Rs 100 crore.Ed said, “A large part of these loans was withdrawn in cash and senior bank officials including Sharma have been paid as kickbacks”. He was recently serving as the Vice President of Cooperative Bank.The agency is conducting a physical inspection of the alleged benami properties that it has received.
