Yet another Bank fraud has been unearthed by the Anti-Corruption Bureau. This time it is Jammu and Kashmir Bank Ltd., a Private Sector bank from the Jammu and Kashmir Valley.
- The Bank’s chairman Pervez Ahmed was removed after charges of alleged corruption, nepotism and favouritism.
- There is also alleged back door appointments, loot and irregularities found
- The IT department suspects wrong doings and alleged financial irregularities and hence conducted raids at various places across, to get further evidence and documents.
- The searches made so far included eight premises at Jammu and Kashmir’s Capital Srinagar, Delhi and Bengaluru of Kehwal group (belonging to the Deputy Mayor of Municipal Corporation) and 10 business premises of a senior Municipal Corporation functionary.
- Recently alleged irregularities in the bank’s affairs has been found in 23 accounts of Kehwal group which was an NPA account with overdue exceeding Rs. 120 crores.
Note: The State Government holds 59 stake in J & K Bank.