A major fraud involving Rs 20 crore has surfaced in Himachal Pradesh’s Kangra Central Cooperative Bank (KCCB).
The Vigilance and Anti-Corruption Bureau has filed an FIR against an individual, along with bank officials and employees, for allegedly conspiring to secure massive loans through fraudulent means.
The accused, identified as Yudh Chand Bains, the proprietor of M/s Himalaya Snow Village and M/s Hotel Lake Palace, is alleged to have colluded with the KCCB officials to bypass standard procedures and acquire loans fraudulently. The investigation revealed violations of Reserve Bank of India (RBI) and NABARD guidelines, as well as the bank’s internal lending policies.
Case registered on complaint of Secretary of Cooperatives
According to sources, the FIR was registered following a complaint from the state’s Secretary of Cooperatives and a detailed investigation by the State Vigilance and Anti-Corruption Bureau (SV & ACB).
A senior vigilance official said, “The investigation has provided substantial evidence indicating how the fraud was orchestrated. Further questioning of the accused and bank officials will reveal the extent of their involvement.”
Vigilance team finds key documents, evidence
The vigilance team has already uncovered key documents and evidence. Officials confirmed that the investigation is ongoing and more revelations are expected in the coming days.
