A senior J&K Bank officer who allegedly got several out-of-turn promotions has emerged as one of the key accused in the financial bungling by Kehwa group whose premises were raided by the IT department on Tuesday.
Officials claimed to have detected “evidence” indicating that the one time settlement of the loan by Kehwa group from J&K Bank has been done through “active connivance of a senior J&K Bank officer who was receiving several out of turn promotions.”
“Furthermore, evidence has also been unearthed indicating that the repayment of Rs.50.34 crore pertaining to the said loan has been greenfielded by the J&K Bank by granting loan of similar amount to an associate who has confessed to his role in layering the entire transaction,” an IT department handout said.
The Income Tax Department conducted search and seizure operations on Kehwa group, a prominent business venture based in Srinagar, covering eight premises in Srinagar and one each at Bangalore and Delhi. The group is engaged in the business of transportation, manufacturing of silk yarn, hospitality, retail trading of Kashmir Arts & Crafts etc.
“None of the members of the group is regular in filing their Income Tax Returns. As a one time settlement, the group has got their loans of Rs.170 crore with J&K Bank restructured for a sum of Rs.77 crore, out of which, payment of only Rs.50.34 crore to the J&K Bank has been made so far and balance of Rs.27.66 crore is yet to be paid,” the IT department handout said.
During the search, incriminating evidence has also been found relating to sale of undisclosed property amounting to Rs.22 crore, agreement to sell Transport business for Rs.9.10 crore, undisclosed profit of Rs.15-20 crore on account of sale of Cold Storage plant at Lassipora,” it said.
“The cost of this project was found to have been inflated to Rs.47 crore instead of the actual cost of Rs.17 crore, for claiming more subsidy from the government by raising inflated and bogus bills,” the statement said.
“The loan for this project was taken from J&K Bank undisclosed properties at Sonmarg (Rs.2.68 crore), Pahalgam (Rs.3.55 crore) and Bangalore (Rs.1.00 crore),” the statement added.
“One shop in partnership in Delhi purchased for Rs.1.02 crore. During the search, digital evidence found has been seized, analysis of which is in progress,” the statement by Surabhi Ahluwalia, Commissioner of Income Tax, official spokesperson of Central Board of Direct Taxes said.
