Bail plea of ex-cooperative bank MD in Andaman rejected

Port Blair, Sep 22 (PTI) A court in Port Blair on Monday rejected the bail prayer of former managing director of the Andaman and Nicobar State Cooperative Bank Ltd (ANSCBL) K Murugan in connection with a loan irregularities case.

His bail prayer was moved before the District and Sessions Court in Port Blair where it was denied.

On June 27, the managing director was arrested based on a complaint from the deputy registrar of the cooperative societies (HQ), which alleged gross irregularities in sanctioning loans to various people by the lender.

There are allegations that the managing committee of the ANSCBL overlooked the recommendations of the loan screening committee and ignored the CIBIL report and mandatory documents while sanctioning loans, a police source said.

On July 18, the CID arrested the chairman of the ANSCBL and former Congress MP Kuldeep Rai Sharma on similar charges.

The chargesheet, comprising 50,000 pages, includes names of nearly 100 accused people and firms, and it took nearly 3096 hours of investigation.

Eight accused in the case have been arrested so far. PTI SN NN