Chandigarh, September 19, 2017 : Punjab Vigilance Bureau has registered a criminal case against a district manager, former chairman of central cooperative bank Gurdaspur and branch manager of central cooperative bank Batala for embezzlement of loans amounting to Rs 12.30 crores.
Disclosing this here today a spokesperson of State Vigilance Bureau informed that central cooperative bank Gurdaspur district manager Sarbjit Singh and former chairman Balbir Singh including central cooperative bank Batala branch manager Balwinder Singh had sanctioned and distributed loans to 50 beneficiaries with Rs 25 lakh from 2010-2013 to the tune of Rs 12.30 crores. "As installments of these loans were never paid to the bank by the beneficiaries, this amount has been accumulated to Rs. 19,77,25,000 thus caused a guge loss to the state bank", he added.
He further added that the accused have also approved and handed over dairy loans to 9 beneficiaries with Rs 40 lakh each on fake investigation reports as the properties mortgaged by them to the cooperative bank was out of its jurisdiction. In addition to this, the accused in connivance with each other have also sanctioned 4 more loan cases on forged documents. During investigation it was also found that many beneficiaries were not residing at the given addresses and have no property to get loans.
The spokesperson further revealed that former bank chairman Balbir Singh during his tenure have got huge bank loans on the basis of his property documents. "Without mortgaging it to the bank in revenue records, he mischievously transferred his pledged land holdings to his relatives", he added.
In this case the Vigilance Burau has registered a case against the accused district manager and former chairman of central cooperative bank Gurdaspur, branch manager of central cooperative bank Batala, concerned bank employees and beneficiaries at vigilance police station Amritsar and further investigation was under progress.