The Enforcement Directorate (ED) on Thursday conducted its first-ever search operations in the Andaman and Nicobar Islands in connection with a financial fraud involving the Andaman and Nicobar State Cooperative Bank (ANSCB). The searches covered nine locations in and around Port Blair and two sites in Kolkata.The investigation reportedly stems from a case registered by the crime & economic offences wing of the Andaman Nicobar police, as per the ED.The agency is investigating suspected irregularities in how ANSCB gave out loans and overdrafts to various shell companies and firms, reportedly bypassing standard banking rules and procedures.Preliminary findings suggest that a group of around 15 entities was allegedly created to benefit Kuldeep Rai Sharma, a former MP from the islands, who is also the vice-chairman of ANSCB.Sharma has been named in the investigation as per the preliminary reports by the ED.These entities are suspected to have secured loans exceeding Rs 200 crore from the cooperative bank through fraudulent means. A large portion of the loaned funds was reportedly withdrawn in cash and was funneled to various beneficiaries, including Sharma.