A major case of alleged loan irregularities has surfaced at the Almora branch of Uttarakhand State Cooperative Bank, with an FIR registered against four former bank officials and two directors of Maa Nanda Buildcom Pvt Ltd.
According to the complaint filed by Branch Manager Sameer Bhatnagar, the bank’s management committee had approved renewal of a Rs 2 crore cash-credit limit for the company on May 3, 2017. However, it is alleged that a subsequent sanction letter enhanced the limit to Rs 7 crore. The complaint also alleges irregularities in the acceptance of collateral and suspected manipulation of loan-related documents.
Speaking to Indian Cooperative, Managing Director Pradeep Mehrotra said he joined the bank in March 2025, while the loan was sanctioned in 2017. He said the matter had already been under preliminary inquiry before his joining, and the bank lodged the FIR only after completing internal scrutiny and obtaining the necessary findings.
Mehrotra said around Rs 7 crore remains outstanding in the account. He further stated that although collateral had existed at the time of sanction, subsequent examination raised serious concerns regarding its validity. “As of now, the loan is virtually unsecured,” he said, adding that the authenticity of the collateral and related documents will be examined during the police investigation.
Police have begun investigating the loan sanction process, the documents submitted as security and the role of the officials and company directors named in the FIR. The bank has said it is extending full cooperation to the investigating agency.
