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| Skeletons continue to tumble out of cupboard of former JK Bank Chairman | | ACB sleuths conclude raids at bank headquarters | | Jehangir Rashid
Early Times Report
SRINAGAR, June 9: The Anti-Corruption Bureau (ACB) concluded its search and seizure operations at the Jammu and Kashmir Bank's corporate office here today. The operation was taken up as part of the probe initiated into the alleged fraudulent appointments in the bank, officials said.
"The searches of the premises of J&K Bank which started yesterday after registration of FIR by Anti Corruption Bureau has been concluded today (Sunday)," a spokesman of the ACB said. He said further investigation in the case is going on.
Earlier in the morning today the sleuths of ACB along with police reached the corporate headquarters of the bank and continued the searches at the premises for the second day.
The ACB officials were checking the files and documents related to appointments made in the bank in the recent years. The ACB raided the corporate headquarters of the bank on Saturday within minutes of the sacking of its chairman Parvez Ahmad by the state government.
The government had ordered Ahmad's dismissal and replaced him with an interim chairman R K Chibber who was executive president of the financial institution. The bureau is looking for the records of the nearly 1200 appointments made allegedly at the behest of political masters of the previous PDP-BJP dispensation in the state during Ahmad's tenure as the bank's chairman, officials said.
ACB registered a case on Saturday under the Prevention of Corruption Act on the basis of a written complaint on illegal and fraudulent appointments made in the bank. The allegations reflected in the complaint disclose commission of criminal misconduct by J&K Bank officers, the ACB spokesman said.
This constitutes offence "under section 5(1)(d) of Prevention of Corruption Act Samvat-2006 and punishable under section 5(2) of the Act, case FIR No 10/2019 was registered in P/S Anti Corruption Bureau (ACB) Central Kashmir in Srinagar and investigation of the case was taken up," he said.
Immediately after the FIR was registered, searches were conducted at the bank's headquarters and during the operation, "documents/discriminatory material pertaining to the appointments were seized, the spokesman said on Saturday.
The government, which owns majority stake in the bank, has said the decision to sack Ahmad was part of long term measures for improving functioning of the bank in accordance with RBI guidelines.
In the meantime, it has been alleged that Ahmad got his nephew, Muzaffar, posted into his office immediately after taking over as chairman. His daughter-in-law, Shazia Ambreen, was also allegedly appointed as a Probationary Officer and is currently heading the Hazratbal branch, the official said.
Two branches of J&K Bank, Kaprin in Shopian and Wuyan in Pulwama, operate allegedly from his own premises and those of his in-laws, officials said. Two of his relatives, Asif Beg and M. Fahim, both nephews allegedly control the HR and Board affairs including the credit proposals.
Recently the J&K Bank signed an insurance deal with IFFCO Tokio General Insurance Company where the chairman's sister's son reportedly works, according to the official. Interiors of hundreds of the branches were allegedly allotted to select individuals for Rs 50 lakh to Rs 1.5 crore per branch while actual cost is only 30 per cent of the money paid, it is alleged.
It was also alleged that a 12th grade pass brother of a former minister and a relative of a top politician was appointed directly as manager allegedly through back door and posted in JK Bank's Bhaderwah branch. 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.
In the meantime, R. K. Chhibber assumed office as interim Chairman cum Managing Director of the Bank today.
Earlier the Board of directors in its meeting held on 8-Jun-2019 at Corporate headquarters of the Bank took on record the government order and passed a resolution regarding appointment of R. K. Chhibber as Nominee Director of the Govt of J&K (Govt Director) on the Board of the Bank w.e.f. 08-Jun-2019.
The Board besides passed another resolution appointing R. K. Chhibber as the interim Chairman & Managing Director of the Bank subject to the approval of RBI. Chhibber shall besides be the Interim Chairman of all sub-committees of the Board previously headed by the ex-Chairman.
The Board recommended splitting of the post of Chairman & Managing Director as per the provisions of SEBI regulations and RBI guidelines.
On the occasion Chhibber said, "Having full faith and confidence in the outstanding workforce of the Bank, we shall strive to not only weather the challenges at hand but put the Bank on a different pedestal with committed support of our promoters, The J&K Govt, regulators, vibrant management and dedicated workforce."
Delineating his priorities Chhibber said that setting new benchmarks in business growth & profitability through customer centric business strategies, employee development & welfare, increased shareholder value, strengthening governance and improving compliance culture across the organization would be the prime focus areas.
In the meantime, the employees gave a resounding welcome to the new Chairman at Corporate Headquarters, Srinagar and pledged their full support and commitment towards achievement of corporate goals. |
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