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    I-T Dept carries out raids in Rs 274 cr J&K Bank scam

    Published on July 24, 2019

    In Jammu & Kashmir, the Income Tax Department carried out raids at offices and related places of a big establishment in connection with raising loan worth over 270 crores while simultaneously diverting the same for the purpose not designated under terms & conditions laid out.

    Sources said that Income Tax Department team conducted series of searches at the offices of the establishment yesterday wherein it was established that Rs 274 Crores disbursed as loan amount by J&K Bank, has actually been swindled and diverted for the unspecified purpose.

    They said the nexus between bank officials and the owners of the establishment has surfaced which also has established creating fake Non-Performing Assets (NPAs) with the subsequent diversion of the already disbursed loan amount.

    Pertinently, early last month the Jammu and Kashmir Anti-Corruption Bureau (ACB)  conducted two-day raids at the J&K Bank’s Srinagar Corporate Headquarters following the sacking of its Chairman Mr Parvez Ahmad. The move came after State government ordered the removal of its Chairman while as ACB  filed F. I. R in the case.

    Anti Corruption Bureau Kashmir registered a case under Prevention of Corruption Act on the outcome of a written complaint received in ACB, Hqrs. J&K, to look into the allegations related to illegal and fraudulent appointments made in J&K bank.

    There are various complaints against the former Chairman including alleged appointments at various positions in the J&K Bank.

    One of the senior Members from Bank’s Board of Directors R.K. Chhibber was appointed new interim Chairman and CEO of the Bank.