Hoshiarpur: Five employees of cooperative bank arrested in fraud case

Chandigarh: The Vigilance Bureau (VB) has arrested five employees of Cooperative Society, Dhugga Kalan and Cooperative Bank, Rupowal, Hoshiarpur for taking loan in the name of deceased member. The arrested persons include Yudhvir Singh, Ravinder Singh, Manjit Singh, Avtar Singh and Paramjit Singh, a VB spokesperson said. He said the accused Ajaib Singh, Niranjan Singh and Tarsem Singh have already been arrested under sections 409, 420, 465, 466, 467, 468, 471 and 120-B of IPC and section 3(1)(a) read with 13(2) of Prevention of Corruption Act.

The spokesperson said Ajaib was arrested for taking loan of Rs 1.92 lakh in the name of deceased member Gulzar Singh, resident of village Dhugga Kalan, in connivance with other officials of the cooperative society. During investigation it was found that Ajaib had deposited the entire loan amount in Gulzar’s account and on the same day in connivance with other people he had taken a loan of Rs. 1.90 lakh in his own name. Fearing arrest, he deposited the entire loan amount of Rs. 2.26 lakh including interest during interrogation.