ED attaches Rs 121.35 crore assets in Andaman co-operative bank loan case
The Enforcement Directorate has provisionally attached 40 assets worth about Rs 121.35 crore, including a hotel and two tourist vessels, in its Andaman & Nicobar State Co-operative Bank case.
Key points
- The ED's Kolkata office issued a provisional attachment order dated 5 November 2026 under the PMLA in the Andaman & Nicobar State Co-operative Bank case.
- The order covers 35 immovable and 5 movable assets worth about Rs 121.35 crore, taking total attachments in the case to about Rs 326.91 crore, the ED said.
- The attachment is provisional and must be confirmed by the Adjudicating Authority; the ED says further investigation is under way.
The Enforcement Directorate (ED) has provisionally attached 35 immovable and 5 movable assets worth about Rs 121.35 crore in its money-laundering case linked to loans of the Andaman & Nicobar State Co-operative Bank (ANSCBL). The attachment order, issued by the ED's Kolkata Zonal Office-II, is dated 5 November 2026. The attached assets include land parcels, a hotel, two semi-submarine tourist vessels and balances in three bank accounts, the ED said on 11 November 2026.
What Happened
The ED's case is based on an FIR registered by the Crime & Economic Offences Police Station of the Andaman & Nicobar Police. According to the ED, the bank's then vice-chairman, along with bank officials and associates, got loans sanctioned through 23 shell companies in breach of banking rules, and the money was diverted and not repaid. The ED alleges that loans of about Rs 301.50 crore went to 21 of these companies, of which about Rs 271 crore in 18 companies has turned into non-performing assets (loans not being repaid). It puts the total proceeds of crime in the case at more than Rs 500 crore.
The ED has alleged that land bought for about Rs 1 crore was shown as worth Rs 10 crore or more in loan files, with the help of a bank-empanelled valuer. Per the ED, the attached assets include the land and building of Joye Grand Hotel and two vessels imported for about Rs 2.11 crore, registered to Andaman Escapades Pvt. Ltd., which it alleges were bought with a loan taken in the name of Heyday Hospitality Services Pvt. Ltd.
The ED had earlier attached 51 properties worth Rs 205.56 crore on 10 February 2026, which the Adjudicating Authority confirmed on 4 August 2026. Total attachments now stand at about Rs 326.91 crore. It filed a prosecution complaint against 39 accused on 14 November 2025.
These are allegations, not findings of guilt; the accused are presumed innocent until proven guilty in court, and due process continues.
What It Means
A provisional attachment stops the assets from being sold or transferred while the case proceeds; it must be confirmed by the PMLA Adjudicating Authority. The ED says further investigation is under way. Depositors with complaints about a bank's service can use the RBI's complaint portal at https://cms.rbi.org.in.
This report describes enforcement actions and allegations on the public record, attributed to the officials cited. An order, FIR or chargesheet is not a conviction; parties are presumed innocent until proven guilty.
Named in this report, or spotted an error? Corrections and responses: editor@oquilia.com. We correct errors promptly and record responses from named parties.
Sources & Citations
- Enforcement Directorate press release — Enforcement Directorate