Bhagat Bank Loan Scandal: ₹74 Lakh Interest Charged on ₹47 Lakh Loan; Multiple Irregularities Under Investigation
Another major irregularity has surfaced in Bhagat Bank regarding loan distribution. A customer who had taken a loan of ₹47 lakh was allegedly charged a staggering ₹74 lakh as interest, even though only five years had passed since the loan was sanctioned. The borrower was subsequently declared a defaulter.
When the matter reached the Assistant Registrar’s Court, the official expressed shock and ordered a re-examination of the documents. Preliminary scrutiny revealed several discrepancies, after which the customer was advised to file an appeal. There is suspicion that major errors were made while calculating the interest amount.
During the three-day hearing, multiple irregularities by the bank's then Board of Directors (BOD) came to light. The investigation revealed that:
- Two separate loans were sanctioned against the same property,
- The same guarantor was used repeatedly,
- And even fake documents were used to approve certain loans.
Many guarantors told the court that the bank managers never informed them about the loan amounts or that their documents were being used as guarantee.
These revelations have raised serious questions about the functioning of the former BOD and bank management.
Girish Nadda, Assistant Registrar, Cooperative Societies, Solan, confirmed that a fresh investigation has been ordered. He stated that the case involving ₹74 lakh interest on a ₹47 lakh loan did reach his court and that multiple irregularities by bank officials are currently under examination.
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