Vigilance authorities have registered a case involving a Rs 20 crore loan fraud from Kangra Central Cooperative Bank (KCCB) in Una district. The case names several individuals, including hotel owners and bank employees, for allegedly bypassing rules to secure the loan for constructing a hotel.
Hotel Owner Accused of Fraudulent Practices
The main accused, Yudh Chand Bains, owner of M/s Himalaya Snow Village and M/s Hotel Lake Palace in Una, is alleged to have secured the substantial loan by submitting falsified documents. According to Vigilance officials, Bains collaborated with certain KCCB officials to obtain the loan, violating banking policies and regulatory guidelines.
Preliminary Investigation Leads to FIR
The Vigilance department acted on a complaint that highlighted irregularities in the loan process. A preliminary investigation confirmed the allegations, prompting the registration of an FIR. Prior to the Vigilance inquiry, the bank’s management had also conducted an internal investigation, which substantiated the claims of misconduct. The complaint that initiated the Vigilance probe was filed by the Cooperative Secretary of the Himachal Pradesh State Government.
Violation of RBI and NABARD Guidelines
The investigation revealed that multiple loans were issued to Bains, with bank officials allegedly ignoring the Reserve Bank of India (RBI) and National Bank for Agriculture and Rural Development (NABARD) guidelines. It is claimed that the officials flouted their own loan policies to facilitate the transactions.
Official Statement
Vigilance DSP Feroz Khan confirmed the case, stating, “An FIR has been registered against the hotel operator and bank officials. The accused violated RBI and NABARD guidelines while sanctioning loans from the Kangra Bank branch. The investigation is ongoing.”
The case has raised concerns about the integrity of financial institutions and the need for stricter oversight in loan disbursement processes. Further investigations are underway to determine the full extent of the alleged fraud and identify all those involved.
