ACB sleuths concludes searches at J&K bank HQ, various discrepancies detected

After sacking of J&K Bank Chairman, the Anti-Corruption Bureau is investigating the following:

1) Meteoric rise of Parvez Ahmed from a CA to Chairman in a span of 15 years, a man with dubious credentials and shady reputation.

2) In the Board of Directors out of 9 Members 2 are from valley, Chairman and a businessman, Ashraf Mir.

3) He got his nephew, Muzaffar, posted in his office after taking over as Chairman. His daughter-in-law, Shazia was appointed as a PO and is now heading Hazratbal branch.

4) 2 branches of J&K Bank, Kaprin Shopian & Wuyan Pulwama operate in his personal premises & in-laws of Chairman. Both locations are non feasible from banking point of view.

5) 2 of his relatives, Asif Beg & M. Fahim, both nephew, control HR & Board affairs & credit proposals.

6) Recently the J&K Bank signed an insurance deal with IFFKO TOKIO, where Chairman’s sister’s son is working.

7) Interiors of hundreds of the branches are allotted to select individuals for Rs 50 lakh to Rs 1.5 crore a branch while as actual cost is only 30% of the money paid.

8) Shamsuddin Andrabi, 12th pass brother of ex Minister Farooq Andrabi and ex CM's relative is appointed directly as Manager through back door and posted in JK Bank branch Bhaderwah.

9) Loans worth hundreds of crores were allotted without formalities in brazen violation of SOPs/guidelines to select recommendees of Imran Ansari & Sajad Lone.

10) ODs of hefty amounts were released to habitual defaulters of other banks. Many of such CC accounts turned NPA.

11) One Time Settlements done with select defaulters against huge kickbacks.

12) Rs 8 crore spent as CSR on beautification of Royal Spring Golf Course which is a rendezvous of elite and has no utility for common people.

13) Huge variations in Cost:Income ration as expenditure during Nengroo's time has spiralled up to 200 to 500%.

14) Paid ads worth Rs 10 lakh or Rs 30 lakh were released to ‘Kashmir Life’ to highlight the Budget which nobody saw.

Action against the J&K Bank Chairman and investigation into backdoor appointments, irregularities, loot and plunder is intended to cleanse the system, make it transparent and help the Bank maintain its position as the leading Bank in the State with a national footprint.

Various steps have been taken in this direction recently by Govt agencies like ED, NIA, CBI, CBDT and J&K Govt. Removal of Chairman of J&K Bank, Mr. Parvez Ahmed is yet another step to combat corruption and bring the mighty corrupt people before law.

In its efforts to crackdown on corruption, nepotism, favouritism & striking against the backdoor non-transparent employment, MHA had called for cleaning of J&K Bank and bringing transparency/accountability in functioning of the Bank while ensuring compliance with RBI directives.

The J&K Bank was also directed to separate the positions of Chairman and Managing Director for better governance and ensure high levels of financial probity.

At the basis of continuous persistence of MHA to improve governance, clamp down on terror funding and money laundering, the Anti Corruption Bureau(ACB) was established in J&K just a few months ago and new ACB Chief was appointed just two months back.