Vigilance Bureau registers case against hotel owner for KCCB loan violations

The State Vigilance and Anti-Corruption Bureau (V&ACB) on Wednesday registered a case against the owner of a hotel and officials of the Kangra Central Cooperative Bank (KCCB) in Una for allegedly violating norms of the Reserve Bank of India to forward loans amounting to Rs 20 crore.

The case has been registered at the Una police station of the V&ACB.

According to a press release by the state V&ACB, one Yudh Chand Bains, owner of Himalayan Snow Village and Hotel Lake Palace, had secured loans from the KCCB in Una for the two projects.

The norms set by the RBI and NABARD for sanctioning such loans were violated and funds were released directly to the beneficiaries by the bank, the press release added.

Consequently, a case under sections 420, 468, 471 and 120(B) of the IPC and sections 13(1), (A) and 13(2) of the Prevention of Corruption Act was registered and a probe into the matter was underway, according to the press release.