Shimla, Jan 9 (PTI) The Himachal Pradesh vigilance and anti-corruption bureau has registered a case of cheating and criminal conspiracy against officials of the Kangra Central Cooperative Bank Ltd (KCCB) for allegedly disbursing a loan of Rs 20 crore to a businessman by flouting RBI norms.

According to a statement issued by the vigilance bureau on Thursday, businessman Yudh Chand Bains, proprietor of Himalaya Snow Village and Hotel Lake Palace, has also been made accused in the case.

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It was alleged that Bains took multiple loans from KCCB, and the bank's officials blatantly disregarded their own lending policies as well as the guidelines of the Reserve Bank of India (RBI) and the National Bank for Agriculture and Rural Development (NABARD).

Total disbursement of Rs 20 crore was made directly to the borrower by the bank, the statement said, adding further investigation into the matter is under progress.

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The case has been registered after conclusion of an inquiry by the vigilance bureau on a complaint received from the secretary (cooperation), Himachal government, with the permission under Section 17A of the Prevention of Corruption Act, 1988.

A case under sections 420 (cheating), 468 (forgery), 471 (using forged documents), and 120-B (criminal conspiracy) and relevant sections of the Prevention of Corruption Act has been registered at Vigilance police station, Una.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)