"Central Cooperative Bank's Gurdaspur District Manager Sarbjit Singh and former Chairman Balbir Singh, as well as Bank's Batala Branch Manager Balwinder Singh sanctioned and disbursed loans totalling Rs 12.30 crore to 50 beneficiaries in 2010-2013. As loan instalments were never paid, the amount accumulated to over Rs 19.77 crore, thus causing a huge loss to the bank," he added.
He said they also approved and handed over dairy loans of Rs 40 lakh each to nine beneficiaries on the basis of fake investigation reports since properties mortgaged to the bank were out of its jurisdiction area.
The accused also sanctioned four more loans on forged documents. During investigation, it was found many beneficiaries were not residing at given addresses and held no property to avail of loans, the spokesperson added.
"Balbir Singh, during his tenure, got huge bank loans on the basis of his property documents. Without mortgaging the same to the bank in revenue records, he mischievously transferred his pledged land holdings to his relatives," he said.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.