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Income Tax Department raids in Rs 274 cr J&K Bank scam

Sources privy to the CBDT action 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 subsequent diversion of 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 sacking of its Chairman Mr Parvez Ahmad. The move came after State government ordered removal of its Chairman whileas ACB  filed F. I. R in the case.


Anti Corruption Bureau Kashmir registered a case under Prevention of Corruption Act on 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.  


Also, nearly half a dozen selections lists are under scanner besides some backdoor appointments made at the behest of politicians and other powerful people .


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


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