State Bank of Sikkim files FIR against loan defaulter for Rs 5.12 crore
The loan, issued in 2021, had an outstanding amount of Rs 5,12,96,250 as of February 28, 2025, including accrued interest.
LOCAL
The State Bank of Sikkim (SBS) has filed an FIR against Noel Sharma, a resident of Lingding, Gangtok, for defaulting on a Rs 3 crore loan sanctioned for the construction of a commercial housing complex. The loan, issued in 2021, had an outstanding amount of Rs 5,12,96,250 as of February 28, 2025, including accrued interest.
According to the FIR filed by Kuncheok Tenzing, General Manager (Recovery) of SBS, Sharma had obtained the loan for a housing project. However, after the funds were disbursed, multiple inspection attempts by the bank were unsuccessful as Sharma allegedly avoided scrutiny. This raised concerns that the loan amount may have been misused or diverted for unauthorized purposes.
Despite repeated legal notices and repayment requests, Sharma and his guarantors failed to clear the outstanding dues. Left with no other option, the bank has now sought legal action to recover the money, including accumulated interest.