Businessman Bains denies Loan scam allegations, claims political targeting
Shimla, Jan 12,
In the quiet town of Una, the press gathered in anticipation of a startling revelation. Yudh Chand Bains, the businessman at the center of a financial controversy involving a ₹36-37 crore loan from Kangra Cooperative Bank, held a press conference that sent ripples through the state of Himachal Pradesh. With sharp words and pointed accusations, Bains painted himself not as a defaulter but as a victim of a political vendetta.
About FIR on Bains read : FIR registered against businessman and KCCB officials in Rs. 20 Cr loan scam
Allegations against the government
Bains accused key figures in the current Congress government of corruption and conspiracy. According to him, a political advisor to the Chief Minister and an IAS officer linked to the Chief Minister’s Office (CMO) had demanded a ₹50 lakh kickback to resolve the ongoing dispute over his loan.
“I have a stay order from the Debt Recovery Tribunal (DRT) in Chandigarh against recovery proceedings, yet there is a calculated effort to seize my property worth ₹150 crores,” Bains claimed. He alleged that certain officials at KCC Bank were conspiring to sell his property at a fraction of its value to benefit a senior Congress leader.
Victim of political targeting
Bains further stated that his troubles were rooted in his political affiliations. He identified himself as a staunch supporter of former Chief Minister Virbhadra Singh and alleged that this loyalty had made him a target. “This is not about the loan. This is about silencing me and grabbing my assets under the guise of recovery,” he said.
Bains also linked his plight to broader political dynamics, claiming the Enforcement Directorate (ED) had provided incriminating documents against individuals involved in mining scams. “The state government is after me because I am aware of their corruption,” he asserted.
The Loan controversy
Bains, who had taken loans totaling ₹36-37 crore for projects in Mandi and Manali, has been under scrutiny for failing to repay the amount. While the bank claims little progress was made on the ground, Bains insisted he was willing to repay the loan. However, he accused bank officials of orchestrating a campaign to label him a defaulter to seize his property.
“The projects were delayed, but my intention was always to complete them. Instead of working with me, they are trying to destroy me for political gain,” he said.
A game of blame
This press conference added another layer to the already complex scandal. While Bains accused the government and bank officials of corruption and vendetta, critics questioned his own credibility. Why hadn’t he repaid the loan if he had the means? Why were the projects delayed despite receiving the full loan amount?
So far, the Congress government remains silent on Bains’ accusations, but insiders suggested the press conference was an attempt to deflect attention from the ongoing investigation into the loan scam. Meanwhile, the BJP seized the opportunity to highlight alleged corruption within the Congress ranks, calling for an impartial probe.
What lies ahead
As the scandal deepens, the people of Himachal Pradesh are left grappling with a murky tale of power, corruption, and financial mismanagement. The truth, buried beneath layers of accusations and counteraccusations, awaits the vigilance department’s findings now.
About the Author
The HimachalScape Bureau comprises seasoned journalists from Himachal Pradesh with over 25 years of experience in leading media conglomerates such as The Times of India and United News of India. Known for their in-depth regional insights, the team brings credible, research-driven, and balanced reportage on Himachal’s socio-political and developmental landscape.
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