It is widely reported in the media that Himachal Pradesh State Co-operative Bank has disbursed crores of rupees in loans to two hydro projects of Kullu by violating the norms.
This has been revealed in the bank’s audit. The bank management has summoned a report from the managing director after initiating an inquiry.
Officials say an FIR will soon be registered based on the report.
Sources say in 2009, two projects of Kullu- Himandri Hydro Power Project and Gravel Energy Company were given loans of crores of rupees. It is alleged that the authorities have sanctioned loans by violating the norms.
This has been revealed during the auditing of 2018-19. Rakesh Gautam, Director of the Cooperative Bank, said the lending was done during the time of the former government. Following the revelation of irregularities, a thorough investigation is underway.