Umesh, Joint Registrar, Cooperative Societies, Jalandhar Division, acting under powers of the Punjab Registrar, has held Arinderbir Singh Walia guilty of fraud for obtaining a Rs 10 lakh housing loan from Amritsar Central Cooperative Bank on a non-existent plot and failing to repay it fully, media reports say.
Acting under Section 27(1) of the Punjab Cooperative Societies Act, 1961, Walia has been immediately removed from the Bank’s directorship. Investigations revealed collusion with his father, fabrication of documents, and persistent misconduct even after becoming Director and Chairman in 2021.
Officials confirmed the property did not exist, and lapses in verification occurred. Walia’s explanations were rejected, with his removal deemed essential to restore institutional trust and integrity.