Searches resume at J&K Bank corporate headquarters

Srinagar, June 9 A team of the Anti-Corruption Bureau (ACB) resumed searches on Sunday at the corporate headquarters of the J&K Bank here, after completing a nearly 10-hour raid the previous day.
The Bank was incorporated in 1938 and is listed on the NSE and BSE.

The team are searching for a collection of evidence 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.

Informed sources said the scope of the ACB investigation has been extended to the loans and non-performing assets (NPA) portfolios of the bank.

In a sudden move, the Jammu and Kashmir government, which owns 59 per cent shares of the bank, sacked Chairman Parvez Ahmed on Saturday and appointed R.K. Chibber as the Interim Chairman.

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.

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