Tarun Karthick
Sri Vijaya Puram, 28 May 2025
The Communist Party of India (Marxist) has reiterated its demand for a radical investigation by central businesses into what it alleges is a serious corruption scandal involving the Andaman and Nicobar State Cooperative Bank Ltd. In a letter addressed to the Lt. Governor of the Andaman and Nicobar Islands, the CPI(M) urged the involvement of the Central Bureau of Investigation (CBI), Enforcement Directorate (ED), and Income Tax Department to unearth the complete extent of the irregularities.
According to D. Ayyappan, Secretary of the CPI(M)’s Andaman and Nicobar State Organising Committee, current media stories from each the islands and the mainland have highlighted the registration of an FIR towards the Vice Chairman—who’s reportedly additionally functioning as Chairman—of the State Cooperative Bank. The FIR pertains to the alleged fraudulent sanctioning of considerable loans to people and fictitious corporations.
While no official assertion has but been launched by the police or different authorities, the CPI(M) claims that a number of raids have been carried out previously ten days. These reportedly embrace searches on the residences and workplaces of suspects, in addition to on the financial institution itself.
In a decision handed on March 1, 2025, the CPI(M) State Secretariat had already demanded a central investigation masking all mortgage sanctions and settlements made by the financial institution over the previous 15 years. The get together had additionally referred to as for the instant supersession of the financial institution’s managing committee and Board of Directors. A replica of this decision was submitted to the Lt. Governor on March 3.
Highlighting what it describes as “large scale corruption, nepotism and mismanagement” within the functioning of the Andaman and Nicobar State Cooperative Bank Ltd, the CPI(M) asserted that the establishment is managed by the Congress Party. Ayyappan alleged that neither the central authorities nor the native administration had taken efficient measures to deal with these longstanding considerations, regardless of a number of media stories elevating pink flags in recent times.
In his newest communication to the Lt. Governor, Ayyappan cited inner figures suggesting a staggering monetary disaster within the financial institution. He claimed that from simply 17 branches situated in Sri Vijaya Puram and different rural areas of South Andaman, loans amounting to ₹866 crore stay excellent, with ₹437 crore categorized as non-performing property (NPAs). He additional alleged that the financial institution had made no severe efforts to get well these dues.
The CPI(M) additionally pointed fingers at unnamed political leaders and businessmen who’re allegedly near the financial institution’s management, accusing them of defaulting on giant financial institution loans. The get together additional claimed that simply forward of the 2024 Lok Sabha elections, the Andaman and Nicobar State Cooperative Bank sanctioned loans price a number of crores to fictitious corporations.
Reiterating its stance, the CPI(M) has referred to as for swift and stringent motion via central businesses to carry these accountable accountable and to revive public belief within the banking establishment.
