by Bollywood actress and entrepreneur Preity Zinta has vehemently denied allegations regarding an alleged Rs. 18 crore loan write-off by the financially troubled New India Cooperative Bank Ltd. The controversy erupted following an investigative report by Moneylife, which shed light on the bank’s financial irregularities, including the sanctioning of massive corporate loans—some as high as Rs. 25 crore—without the knowledge of branch managers. The report also revealed that many of these loans eventually turned into non-performing assets (NPAs), with funds allegedly being diverted.
The Allegations and Media Frenzy
One of the most high-profile cases mentioned in the Moneylife report was the alleged Rs. 18 crore loan linked to Bollywood actress and entrepreneur Preity Zinta. The report suggested that this substantial loan was written off without following the standard recovery procedures, raising serious concerns about financial mismanagement within New India Cooperative Bank. Given the magnitude of the irregularities, the Reserve Bank of India (RBI) intervened, launching a formal investigation into the bank’s financial operations to assess the extent of possible wrongdoing.
Media Uproar and Public Reaction
As soon as the allegations surfaced, they quickly became a hot topic in the media. The claim that such a large sum had been allegedly written off in Zinta’s name spread like wildfire on social media, fueling speculation about the transparency and accountability of banking institutions. News outlets, financial analysts, and political commentators began scrutinizing the case, questioning how a cooperative bank could overlook such a significant loan. The controversy also reignited concerns about bad loans and non-performing assets (NPAs) in India’s banking sector, which have been a long-standing issue for regulatory authorities.
Political and Legal Ramifications
The case didn’t just stay confined to media debates—it soon entered the political sphere. Opposition leaders and financial watchdogs began calling for greater scrutiny of cooperative banks, which are often subject to less stringent regulations than larger commercial banks. Some critics accused regulatory bodies of turning a blind eye to financial misconduct in cooperative banks, which often cater to a specific set of depositors and borrowers, sometimes leading to conflicts of interest.
With the RBI stepping in, the case is expected to undergo a detailed forensic audit, examining whether the loan was indeed written off improperly, who approved the decision, and whether any systemic lapses allowed such financial irregularities to take place. If evidence of wrongdoing emerges, it could lead to legal action against key banking officials, further intensifying the scandal.
Preity Zinta’s Response and Industry Impact
Amid the growing controversy, Preity Zinta has not made any official statement regarding the allegations. If the claims are unsubstantiated, she may choose to address them to clear her name. However, if any financial link is proven, it could significantly impact her reputation, especially given her business ventures in cricket (IPL team ownership) and other investments.
For the banking sector, this incident serves as yet another reminder of the fragile nature of cooperative banks, which have historically faced issues of mismanagement and weak regulatory oversight. The RBI’s intervention may lead to stricter guidelines for cooperative banks, ensuring that loan approvals and write-offs are handled with greater transparency and accountability.
As the investigation unfolds, all eyes remain on whether this case is an isolated incident or part of a larger web of financial irregularities within the bank. If further evidence emerges, it could have widespread implications for both the banking sector and the individuals involved.
Preity Zinta’s Firm Response
In response to the allegations, Preity Zinta issued a firm clarification through her legal team, categorically denying any wrongdoing. She explained that she had availed of an overdraft facility from New India Cooperative Bank more than 12 years ago. However, she made it explicitly clear that the entire amount had been repaid in full over a decade ago, rendering the allegations against her completely baseless.
“More than 12 years ago, I had an overdraft facility with the New India Cooperative Bank. More than 10 years ago, I repaid in full the entire dues in respect of this overdraft facility, and the account stands closed,” Zinta stated in a public statement released through a news portal.
Zinta’s Social Media Response
Determined to set the record straight, Zinta took to her social media platform, X (formerly known as Twitter), to further dismiss the claims. Reposting a link to the allegations, she issued another statement denying any involvement in loan write-offs. In her tweet, she called out those spreading false information and expressed her dismay at the political angle being given to the issue:
“No, I operate my social media accounts myself, and shame on you for promoting FAKE NEWS! No one wrote off anything or any loan for me. I’m shocked that a political party or their representative is promoting fake news & indulging in vile gossip & click baits using my name & images. For the record, a loan was taken and FULLY PAID BACK over 10 years ago. Hope this clarifies and helps so there are no misunderstandings in the future.”
— Preity G Zinta (@realpreityzinta) February 25, 2025
Legal and Public Reaction
As the controversy unfolds, the focus has shifted to the authorities investigating the mismanagement at New India Cooperative Bank. Zinta, on the other hand, is actively working to safeguard her reputation, ensuring that the public is aware of the facts surrounding the issue. Many of her fans and industry colleagues have come forward in support, calling out the spread of misinformation and emphasizing the importance of factual reporting.
While the RBI and other regulatory authorities continue their probe into the bank’s financial dealings, Preity Zinta remains steadfast in her denial of any wrongdoing. The incident has once again highlighted the dangers of misinformation in the digital age and the need for responsible journalism when dealing with financial matters that can tarnish reputations.
Preity Zinta’s swift and strong response to the allegations has helped dispel some of the misinformation circulating about the alleged loan write-off. However, the broader issue of financial mismanagement at New India Cooperative Bank remains under scrutiny. As investigations continue, it is essential to separate facts from speculation and ensure that those responsible for financial irregularities are held accountable. Meanwhile, Zinta’s firm stance serves as a reminder of the impact of fake news and the importance of addressing such allegations with transparency and credibility.
