A team of the Anti-Corruption Bureau continued searches on Sunday at the corporate headquarters of the J&K Bank in Srinagar, after doing a nearly 10-hour raid a day before.
The team is searching for evidences for alleged mismanagement in one of the state’s premier financial institutions.
Earlier reports had said the ACB raids were specifically being carried out in connection in 1,200 appointments made by the bank in 2017.
Thestatesman.com had reported- Minutes after the removal of Ahmad, the state vigilance organisation sleuths raided the corporate headquarters of the bank in Srinagar and were reportedly searching for records of nearly 1,200 appointments made allegedly at the behest of political masters of the previous PDP-BJP government in the state and during Ahmad’s tenure.
Informed sources told IANS that the scope of the ACB investigation has been extended to the loans and non-performing assets (NPA) portfolios of the bank.
The Jammu and Kashmir government, which owns 59 per cent shares of the bank, sacked Chairman Parvez Ahmad and appointed RK Chhibber as the Interim Chairman on Saturday.
The state government issued an order on the same day which said, “Parvez Ahmad shall cease to be Director on the Board of Directors of the Bank and consequently be no longer the Chairman cum Managing Director of the board.” The order further talked about the interim chairmanship of Chhibber too.
J&K bank is the only private sector bank designated as the Reserve Bank of India’s agency for banking business. It carries out the banking business of the Central government besides collecting central taxes for CBDT.
The Bank was incorporated in 1938 and is listed on the National Stock Exchange and Bombay Stock Exchange.
(With IANS)