NEW DELHI: In its first ever searches on the Andaman & Nicobar Islands, allegedly involving former Congress MP Kuldeep Rai Sharma, the Enforcement Directorate on Saturday said it has seized documents that reveal benami properties worth over Rs 100 crore by laundering more than Rs 500 crore of loans of a cooperative bank based in the union territory.Searches were conducted at nine places in Port Blair and Kolkata on Thursday and Friday,. “Documents recovered reveal properties of around Rs 100 crore…Searches have also revealed that several shell companies were created by Kuldeep Rai Sharma, ex-MP of Andaman and Nicobar Islands, in connivance with his associates Sanjay and Sanjeev Lall, and loan facilities of more than Rs 500 crore were fraudulently taken by these entities from the A&N State Cooperative Bank,” ED said, adding that the loan amount was diverted and siphoned off through these shell entities.Sharma, a former vice-chairman of the bank, was arrested by the island police on July 18 and is a prime accused in the alleged misappropriation of bank funds by issuing loans to shell entities and laundering proceeds.“Loans were extended through 106 accounts to various shell companies, ignoring the laid down procedures,” the agency said based on evidence collected. It confirmed that searches have also led to identification and recovery of property documents of around Rs 100 crore.ED said, “A substantial portion of these loans were withdrawn in cash and have been paid as kickbacks to senior bank officials, including Sharma”. He was till recently serving as the vice-chairman of the cooperative bank.The agency is conducting a physical inspection of the alleged benami properties it found.