Interim bail granted to businessman Bains in Rs. 20 Crore loan default case
Shimla Jan 13
The Himachal Pradesh High Court has granted interim bail to Yudh Chand Banis, who was apprehending arrest in a case filed by the State Vigilance and Anti-Corruption Bureau (SV&ACB).
The single bench of Justice Bipin Chandra Negi, on January 9, 2025, heard the bail application and directed his release on bail, subject to certain conditions.
The case, registered as FIR, pertains to an alleged Rs. 20 crore loan default from the KCC Bank, involving charges under Sections 467, 468, 471, and 120B of the Indian Penal Code (IPC).
Also read: FIR registered against businessman and KCCB officials in Rs. 20 Cr loan scam
The FIR was lodged on January 8, 2025, following a complaint by the Secretary of Cooperation, Himachal Pradesh Government. Bains was accused of forgery, criminal conspiracy, and using forged documents in connection with the massive loan default. The matter, which stirred significant public and political interest, was taken up by the SV&ACB Una branch.
During the hearing, senior advocate Ankush Dass Sood, accompanied by advocate Vikrant Chandel, represented Bains. The State was represented by Additional Advocates General, including R.S. Verma and Diwakar Dev Sharma. The prosecution sought time to file a status report, which the court ordered to be submitted by January 24, the next date of hearing.
Justice Negi, while granting interim bail, directed that Bains furnish a personal bond of Rs. 50,000 with one surety of the same amount. Additionally, the court imposed strict conditions to ensure Bains’ cooperation with the investigation.
He was instructed to appear before the Investigating Officer at the SV&ACB Una branch on January 11 and cooperate fully with the investigation. The court also prohibited him from leaving the country or tampering with evidence, threatening witnesses, or contacting the complainant.
The court emphasized that the bail was interim and subject to review on January 24, 2025, when the status report would be considered. Meanwhile, Bains is expected to adhere to all the conditions imposed by the court to maintain his liberty.
Also read:Businessman Bains denies Loan scam allegations, claims political targeting
As the investigation progresses, all eyes remain on the final outcome of the bail application and the broader implications of the case on Himachal Pradesh’s financial and political landscape.
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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