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06-20-2019     3 رجب 1440

J&K Bank ‘Clean-up’: IT joins probe to unearth ‘irregularities’

Searches carried out at multiple offices of Kehwa Group

 

 

June 12, 2019 | BK Correspondent/SRINAGAR

 In a major development, the Income Tax sleuths on Tuesday carried out searches at nearly dozen premises in Srinagar, New Delhi and Bengaluru in connection with the process of clean up at the J&K Bank.

Two days after the bank’s chief was unceremoniously sacked, the Income-Tax Department has joined the probe into the alleged irregularities at the state’s premier financial institution.
Officials said separate teams from the IT department, armed with search warrants, conducted searches at ten premises on a business firm of Srinagar Municipal Corporation’s deputy mayor Sheikh Imran who is the CEO of the bank.
Reports said the IT sleuths raided eight premises in Jammu and Kashmir's summer capital Srinagar and one each in Delhi and Bengaluru of the Kehwah group, promoted by Sheikh Imran.
Officials said searches are being conducted in the Bohri Kadal area of downtown Srinagar and seven other nearby locations in Srinagar city, “The premises have been sealed and searches will be carried out tomorrow as well if needs arises,” an IT official said.
According to sources, the IT raids are part of the proceedings following the alleged irregularities in the bank's affairs and the raids conducted by the state anti-corruption bureau (ACB), following the sacking of the bank’s former chairman, Pervez Nengroo.
Sources said the Kehwah group is facing default proceedings after 23 of its accounts with the J&Kp K Bank were declared non-performing assets for dues of over about Rs. 120 crore.
The I-T Department suspects wrongdoings and alleged financial irregularities and hence raids are being conducted to obtain further leads, evidence and documents, the officials said.
The action comes in the backdrop bank's chairman Parvez Ahmed being removed after charges of alleged involvement in corruption, nepotism and favoritism were reported against him.
Referring to the ACB proceedings against Ahmed, a government official said on the condition of anonymity that investigation into alleged backdoor appointments, "irregularities, loot and plunder" is intended to cleanse the system at the bank.
The state government holds 59 per cent stake in the J&K Bank.
After his removal, Ahmed in a Twitter post said he has absolutely no regret over his work and that he did his job "most diligently, honestly and in the best interest of the institution".
Officials believe loans worth hundreds of crores were allegedly allotted without formalities in "brazen violation" of Standard Operating Procedures or guidelines to select recommendees of two politicians.

 

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J&K Bank ‘Clean-up’: IT joins probe to unearth ‘irregularities’

Searches carried out at multiple offices of Kehwa Group

 

 

June 12, 2019 | BK Correspondent/SRINAGAR

 In a major development, the Income Tax sleuths on Tuesday carried out searches at nearly dozen premises in Srinagar, New Delhi and Bengaluru in connection with the process of clean up at the J&K Bank.

Two days after the bank’s chief was unceremoniously sacked, the Income-Tax Department has joined the probe into the alleged irregularities at the state’s premier financial institution.
Officials said separate teams from the IT department, armed with search warrants, conducted searches at ten premises on a business firm of Srinagar Municipal Corporation’s deputy mayor Sheikh Imran who is the CEO of the bank.
Reports said the IT sleuths raided eight premises in Jammu and Kashmir's summer capital Srinagar and one each in Delhi and Bengaluru of the Kehwah group, promoted by Sheikh Imran.
Officials said searches are being conducted in the Bohri Kadal area of downtown Srinagar and seven other nearby locations in Srinagar city, “The premises have been sealed and searches will be carried out tomorrow as well if needs arises,” an IT official said.
According to sources, the IT raids are part of the proceedings following the alleged irregularities in the bank's affairs and the raids conducted by the state anti-corruption bureau (ACB), following the sacking of the bank’s former chairman, Pervez Nengroo.
Sources said the Kehwah group is facing default proceedings after 23 of its accounts with the J&Kp K Bank were declared non-performing assets for dues of over about Rs. 120 crore.
The I-T Department suspects wrongdoings and alleged financial irregularities and hence raids are being conducted to obtain further leads, evidence and documents, the officials said.
The action comes in the backdrop bank's chairman Parvez Ahmed being removed after charges of alleged involvement in corruption, nepotism and favoritism were reported against him.
Referring to the ACB proceedings against Ahmed, a government official said on the condition of anonymity that investigation into alleged backdoor appointments, "irregularities, loot and plunder" is intended to cleanse the system at the bank.
The state government holds 59 per cent stake in the J&K Bank.
After his removal, Ahmed in a Twitter post said he has absolutely no regret over his work and that he did his job "most diligently, honestly and in the best interest of the institution".
Officials believe loans worth hundreds of crores were allegedly allotted without formalities in "brazen violation" of Standard Operating Procedures or guidelines to select recommendees of two politicians.

 


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Owner, Printer, Publisher, Editor: Farooq Ahmad Wani
Legal Advisor: M.J. Hubi
Printed at: Abid Enterprizes, Zainkote Srinagar
Published from: Gulshanabad Chraresharief Budgam
RNI No.: JKENG/2010/33802
Office No’s: 0194-2451076, 9622924716 , 9419400056
Postal Regd No: SK/135/2010-2019
Administrative Office: Abi Guzer Srinagar

© Copyright 2018 brighterkashmir.com All Rights Reserved.