The Enforcement Directorate (ED) on Wednesday arrested Sanjay Lal, a Port Blair-based hotelier, in connection with a Rs 500-crore cooperative bank fraud in the Andaman and Nicobar Islands, say media reports.
Lal is accused of obtaining large loans for business purposes through allegedly fraudulent means. He has been sent to judicial custody.
ED officials from Kolkata are stationed in Port Blair to further probe the case, which involves multiple individuals and intricate financial transactions, as the investigation continues into the alleged massive banking scam.
