<h1>Ex-MP, ex-bank loan officer and MD held in custody after ED arrests over alleged Rs 500 crore loan fraud</h1> A former member of parliament, an ex-loan officer of the regional cooperative bank and the bank's managing director were remanded to judicial custody after arrests by the Enforcement Directorate in an investigation into an alleged Rs 500 crore loan fraud. The probe follows an FIR by the local crime and economic offences unit alleging widespread irregularities in loan sanctions; ED's parallel probe alleges loans were fraudulently sanctioned through over 100 accounts in shell companies, with about Rs 230 crore allegedly siphoned to benefit the accused and close associates. This marks the ED's first action in the Union Territory.