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Loan fraud: HP vigilance bureau arrests four ex-directors of Kangra Central Cooperative Bank
The Himachal Pradesh State Vigilance and Anti-Corruption Bureau (SV&ACB) has arrested four former directors of Kangra Central Cooperative Bank for sanctioning loan to a private firm in violation of guidelines
The Himachal Pradesh State Vigilance and Anti-Corruption Bureau (SV&ACB) has arrested four former directors of Kangra Central Cooperative Bank for sanctioning loan to a private firm in violation of guidelines.
The former directors, Prakash Chand Rana, Yog Raj, Lekh Raj and Karnail Singh Rana, surrendered at the vigilance bureau’s Una police station after the high court rejected their bail plea. They were arrested late on Sunday, said Balbir Thakur, superintendent of police, SV&ACB .
Thakur said that the vigilance bureau had on March 17 booked seven people, including the former directors and officials of Una based Crest Steels company, under Sections 409 (criminal breach of trust), 420 (cheating), 467 (forgery of valuable security), 468 (forgery for purpose of cheating) and 471 (using forged document as genuine) of IPC and 13(1) of Prevention of Corruption Act.
It was alleged that the former directors were members of the KCCB’s loan sanctioning committee when Congress government was in power.
The directors had allegedly violated guidelines and ignored norms while sanctioning loan of ₹65 crore to the company. Crest Steels defaulted on the loan, which turned into non-performing asset (NPA). The BJP, when in opposition, had levelled allegations of corruption in KCCB and after it came into power, the vigilance bureau was tasked to conduct the probe.
