FIR registered against businessman and KCCB officials in Rs. 20 Cr loan scam
Photo used for indicative purpose only. Source: Internet https://himachalscape.com/
Shimla, Jan 8,
The State Vigilance and Anti-Corruption Bureau (SV&ACB) has registered FIR under Sections 420, 468, 471, 120-B of the Indian Penal Code (IPC) and Sections 13 (1) (a)/13 (2) of the Prevention of Corruption Act, 1988 at its Una Police Station. The case targets proprietor of M/s Himalaya Snow Village and M/s Hotel Lake Palace, alongside officers and officials of the Kangra Central Cooperative Bank Ltd (KCCB), informed a spokesperson of the SV & AC Bureau.
The case follows an inquiry initiated by a complaint from the Secretary (Cooperation) to the Government of Himachal Pradesh, accompanied by the requisite sanction under Section 17A of the Prevention of Corruption Act, 1988, he added.
It has been alleged that the accused secured multiple loans amounting to Rs. 20 crore from KCCB. In doing so, bank officials reportedly ignored established lending policies, as well as guidelines set by the Reserve Bank of India (RBI) and the National Bank for Agriculture and Rural Development (NABARD). The disbursed funds were issued directly to the borrower, further raising suspicions of malpractice, informed the vigilance official.
Bimal Gupta, IG Vigilance, confirmed that the FIR was registered after meticulous investigation and approval under Section 17A of the Prevention of Corruption Act. “This is a case of collusion between the borrower and bank officials, leading to significant financial irregularities. The Vigilance Department is committed to ensuring accountability,” he stated in the press release.
Bains’s alleged involvement in the scam has triggered a political storm, given his longstanding association with certain factions within the state Congress. Sources suggest that his connections and influence might complicate the investigation further, as central agencies like the Enforcement Directorate (ED) are reportedly also in the loop.
Adding to the intrigue, a recent tour schedule of Bains, which went viral, revealed his visit to the ED office in Delhi, raising questions about his interactions with central agencies. Curiously, Bains was also provided with government security in the form of a Personal Security Officer (PSO), a move now under scrutiny.
Now the SV&ACB has launched an in-depth investigation into the matter, aiming to uncover the full extent of the alleged irregularities and hold those responsible accountable. Further updates are awaited.
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