HUDCO's loan to PDA vanishes

IMPHAL, February 3: An outstanding HUDCO loan of Rs. 30 crore, granted to the Planning and Development Authority (PDA) for smooth conduct of the V National Games, is now untraceable, highly placed sources said today. According to the source, the outstanding amount is neither in the account of the PDA nor in any other department in the state, leading to speculations that the amount has been misappropriated. The Rs. 30 crore HUDCO loan was sanctioned during the 1998-1999 to the PDA for smooth conduct of the V National Games, the source said. The state government is now shouldering an extra burden of Rs. 35 lakh as interest to the outstanding loan amount, the source said. Though the PDA is liable for the repayment of the loan, it is still not clear whether the loan was granted to PDA or some other department as the loan was never transferred to the PDA's account. It is still not clear where the loan was utilised under whose instruction and for what purpose. The state government may find it hard to tide over the situation, the source further said. Interestingly, the loan amount of Rs. 30 crore is not reflected in the state financial account of 1998-99 and the situation has fuelled speculations that the HUDCO loan of Rs. 30 crore has been misused by some ministers in connivance with government officials. Despite the Opposition demand during the last Assembly session for a white paper on the utilisation of the funds for the V National Games hosted by the state during February-March 1998, the state government is still unable to come up with it. The government is also unable to furnish the accounts of the V National Games of February-March 1998 till today. Though the V National Games was held successfully in the state, there was gross misappropriation and insincerity in the conduct, the source said adding that there is need for a CBI investigation into the missing loan and the conduct of the V National Games by the government.