Bollywood actress Preity Zinta has firmly rejected allegations claiming she benefited from the write-off of an ₹18 crore loan linked to the beleaguered New India Cooperative Bank Ltd. The accusations surfaced following a report by Moneylife, which highlighted extensive financial mismanagement at the bank, prompting scrutiny from the Reserve Bank of India (RBI).
The controversy ignited when the Kerala Congress’s official social media account shared claims, insinuated by the report, stating Zinta had compromised her social media accounts for financial favors, leading to the loan write-off. Zinta, taking to her platform on X (formerly Twitter), expressed her disbelief over the allegations, branding them as “fake news” and vehemently defending her reputation.
“No one wrote off anything or any loan for me. I’m shocked,” Zinta tweeted, emphasizing her autonomy over her social media activities and condemning the spread of misleading narratives. She reiterated, “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.”
According to the Moneylife report, large corporate loans—some as high as ₹25 crore—were sanctioned without the knowledge of branch managers; as many of these loans spiraled to non-performing assets (NPs) due to suspected fund diversions. The RBI was alerted by employees about the bank’s unethical practices back in January 2020, leading to increased oversight.
The report pinpointed Zinta's alleged ₹18 crore loan as one of the most notable cases, stating it had been written off without adhering to standard recovery procedures. This drastic financial action raised questions about the bank's overall management and integrity.
While Zinta clarified her position, she also reflected on the broader issue of misinformation circulating online, asserting, “So much misinformation going around but thank god for social media and thank god for X! All through my career I have seen so many respected journalists get so many stories completely wrong and never have the decency to correct the story or apologize.”
Zinta's rebuttal resonates with many, as social media users voiced their support, criticizing the Kerala Congress for its unsubstantiated accusations. Some urged her to pursue legal action for defamation, emphasizing the importance of accountability for public figures targeted by false claims.
Examining the bank's current situation, over 80 senior staff members were reportedly forced to resign back in 2019, raising alarms and eventually leading employees to demand a forensic audit by the RBI and seek the dissolution of the board of directors. The RBI has since intervened, imposing restrictions on the bank, including barring it from granting new loans or making investments without prior written approval.
On February 13, the RBI placed severe operational restrictions on New India Cooperative Bank, citing irregularities. Customers were later allowed to withdraw limited amounts from their accounts, as depositors struggled to recover their funds amid the bank's downfall.
Meanwhile, on the personal front, Preity Zinta made headlines with her recent appearance at the Maha Kumbh, sharing her experience via social media. She celebrated the occasion with traditional tilak on her forehead, captioning her post with, “All roads lead to the Maha Kumbh. Satyam Shivam Sundaram.”
Responding to the backlash, Zinta’s public response highlights the intersection of celebrity and media scrutiny, underscoring the difficulties faced by public figures when false claims permeate public discourse. While she has firmly defended her reputation and clarified her financial history, the incident serves as a reminder of the pervasive challenges within the rapidly shifting digital information ecosystem.
Recent events have also pushed Zinta to contemplate greater transparency from the media about their reporting processes, expressing frustration not solely about this incident, but about experiences throughout her career. “I think it’s time we start holding them responsible right here so there is some accountability in the future,” she asserted.
With her anticipated return to Bollywood already making waves, as she works on Rajkumar Santoshi’s "Lahore 1947" alongside stars like Sunny Deol, this incident marks yet another chapter in Zinta’s public life, highlighting her resilience amid the challenges posed by misinformation.
Zinta concluded her statements with hopes for clarity and resolution, ensuring no misunderstandings remain for her fans and followers moving forward, reaffirming her commitment to her personal and professional integrity.