<h1>Enforcement Directorate arrests hotelier in alleged Rs 500 crore cooperative bank fraud probe over loans funneled through shell companies</h1> The Enforcement Directorate arrested a Port Blair-based hotelier in a money-laundering probe linked to an alleged Rs 500 crore fraud at the Andaman Nicobar State Cooperative Bank, accusing him of procuring large loans through fraudulent means for business purposes. The investigation, originating from a local police FIR, follows earlier arrests of a former bank chairman and two others; authorities allege bank officials and accomplices created shell companies and sanctioned sizable loans in breach of rules to avoid repayment and divert funds for personal gain. The arrestee has been sent to judicial custody and inquiries continue.