Archive · 21 Sep 2025
Punjab Bank Officials Accused of Misappropriating Farmers' Funds
Some people are saying that money belonging to farmers in a bank in Punjab has been stolen or misused.
They are accusing the bank's managers and other important people of doing it.
The people who reported this say that loans were given out for fake plots, and that there were problems with renovations and furniture purchases.
The bank's MD says that a branch manager was responsible.
Some victims have gotten some of their money back, but many are still waiting.
The people complaining want the police to investigate and the MD to be transferred, fearing the bank may fail.
Representatives allege embezzlement at 21 branches of SAS Nagar Cooperative Bank.
Complainants accuse MD Pragati Jagga and senior officers of involvement.
A special report recommended action against Jasbir Singh, the Branch Manager.
Rs 281.53 lakh principal and Rs 16.04 lakh interest were refunded to some victims.
Bank MD claims previous Branch Manager committed the fraud.
- Who
- Representatives of Punjab Against Corruption and Lok Hit Mission, bank MD Pragati Jagga, Branch Manager Jasbir Singh
- What
- Accusations of embezzlement and financial irregularities at SAS Nagar Cooperative Bank.
- When
- Multiple instances of alleged fraud are cited. MD says she took post in July 2023
- Where
- SAS Nagar (Mohali) Cooperative Bank, Punjab.
- Why
- Complainants demand investigation into alleged misuse of farmer funds and irregularities.
Complainants & Protesters
MD Pragati Jagga
Responsibility for Fraud
Complainants & Protesters
Blame the bank’s MD and senior officers for the embezzlement
MD Pragati Jagga
Blames the Branch Manager and denies any personal involvement in the fraud.
Action against Fraud
Complainants & Protesters
Demand full-fledged inquiry by the Vigilance Bureau and immediate transfer of current MD.
MD Pragati Jagga
States action against employees is responsibility of the Board of Directors
- Bank
- SAS Nagar Cooperative Bank
- Accusation
- Large-scale embezzlement of funds
- Amount Recovered
- Rs 281.53 lakh principal + Rs 16.04 lakh interest
- MD's Stance
- Innocent, committed by Branch Manager
- Branch Manager Involved
- Jasbir Singh