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| Irregularities surface in CCB | | Loans advanced allegedly on fake IT returns, bogus property documents | | Early Times Report
JAMMU, Nov 17: A competent court has directed reinstatement of the Board of Directors of the Citizen Cooperative Bank Jammu which was recently superseded by the Cooperatives Department and Joint Registrar banking and finance was designated as its administrator.
Taking firm stand against increasing NPA and bad loaning in the Citizen Cooperative Bank Jammu, the Administrator of the Bank who relinquished office today following the directions of the court had written to the managers of various branches to immediately adjust the loans advanced by them which had turned bad or face action.
Sources in the bank divulge that managers of certain selected branches of the bank had advanced loans to the relatives, friends and acquaintances of the directors of the bank without adhering to laid norms, most of which turned bad. "Most loans have been done through agents, wherein borrowers have produced fake IT returns and fake property documents" said a source in the bank. "Over 1200 loans amounting to Rs. 18 cr extended in contravention of norms and on recommendations of the directors of the Board that was superseded recently, had turned bad" he added raising serious allegations of misappropriation by the BoD.
ET learnt that one branch of the bank outside Jammu had extended several fake home loans and the Manager of the branch had issued NoCs in favour of borrowers in exchange of illegal monitory considerations, eventhough their loans were still outstanding. ET also learnt that the accused manager had been booked and FIR has been registered against him. Interestingly, the administration of the bank rather than reprimanding the manager had posted him to another important branch, where he again facilitated fake loaning. "The accused manager himself is defaulter of other banks to the tune of Rs. 2 crore" divulged a source.
The outgoing administrator, Joint Registrar Banking and Finance, Inderjeet Bhagat (KAS) had taken serious view of the bad loaning done in several branches and also of the growing NPA. A senior bank officer averred that the boards of the bank have been superseded by the Government previously also, but administration had been entrusted to senior IAS officers. "BR Sharma, Promod Jain, Pawan Kotwal, Naveen Aggarwal, all senior IAS officers had been appointed administrators intermittently through Government orders, which had not been the case in present instance" he averred.
While most cooperative societies in Jammu and Kashmir have become dens of corruption and misappropriation, they have been misrepresenting rules to escape from the RTI ambit and public money has been siphoned off brazenly. |
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