IPL Franchise Owner Preity Zinta Received Rs 1.55 Crore Loan Remission: Police

IPL franchise Punjab Kings owner and bollywood actor Preity Zinta recenly made headlines after her Rs 1.5 crore loan amount was allegedly waived off by the New India Co-operative Bank. According to the reports, the Economic Offences Wing (EOW) of the Mumbai Police is closely examining Zinta's loan account, which saw her receive a notable concession during a settlement.

It was learned that the bank granted a remission of Rs 1.55 crore on a loan of Rs 18 crore, previously earmarked as a non-performing asset (NPA).

The loan, sanctioned on January 7, 2011, against Zinta's Mumbai residential flat and Shimla property-valued collectively at approximately Rs 27.41 crore-was aimed at providing financial leverage using these high-value collaterals. However, repayment issues arose, leading to the account's NPA status in March 2013, with an outstanding amount of Rs 11.47 crore at that time. By November 2012, Zinta was expected to return Rs 11.40 crore to the bank, highlighting the financial strain and subsequent delays in her repayment schedule.

In an effort to resolve the matter, the bank agreed to a one-time settlement in April 2014, absolving Zinta of Rs 1.55 crore from her dues. This decision facilitated the clearance of her outstanding balance, thereby closing the account. This particular remission is now under scrutiny as part of a wider investigation into questionable banking activities, shedding light on the intricate web of financial transactions within the bank.

The case has seen eight arrests to date, with Hitesh Mehta, the bank's former general manager and accounts head, pinpointed as the prime suspect. Arrested on February 15, Mehta's alleged involvement in diverting Rs 122 crore from the bank's coffers has led to an exhaustive inquiry. Investigators have already administered a polygraph test on Mehta and are planning a brain mapping test at Mumbai's Forensic Science Laboratory in Kalina to unearth further details about the fraudulent scheme and identify additional culprits.