Sikkim State Bank Files FIR Against Gangtok Resident for Rs 5.12 Crore Loan Default

Sharma allegedly evaded the bank officials, raising suspicion that the loan amount might have been misused for unauthorised purposes.

Sikkim State Bank Files FIR: The State Bank of Sikkim (SBS) has filed an FIR against Noel Sharma, a resident of Lingding, Gangtok, for defaulting on a loan of Rs 3 crore sanctioned in 2021 for the construction of a commercial housing complex. As of February 28, 2025, the outstanding amount, including accrued interest, stands at Rs 5,12,96,250.

Sikkim State Bank Files FIR

According to the FIR, filed by SBS General Manager (Recovery) Kuncheok Tenzing, Sharma secured the loan with the stated purpose of building a housing project. However, after the funds were disbursed, multiple attempts by the bank to inspect the project site were met with resistance.

Sharma allegedly evaded the bank officials, raising suspicion that the loan amount might have been misused for unauthorised purposes.

Despite repeated communications, legal notices, and repayment requests, neither Sharma nor his guarantors made any effort to clear the dues. Faced with non-cooperation, the bank has now sought legal intervention to recover the outstanding amount along with interest.

Authorities have started an investigation into the matter.

Also Read: Gurugram Businessman Loses Rs 1.99 Lakh in Fake Sikkim Resort Booking Scam

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