June 2019 News

PDP, BJP Relatives' Kin; Own Family Members Recruited By Parvez

9 June 2019
The Daily Excelsior
Fayaz Bukhari

Srinagar: Parvez Ahmed, who was removed as the Chairman of the J&K Bank, was allegedly involved in corruption, nepotism and favouritism, and the action against him was an effort to combat such activities and bring mighty people with 'dubious credentials' before law, officials said today. The action was taken by the Anti Corruption Bureau (ACB), which was established a few months ago in Jammu and Kashmir, currently under the President's rule, following persistence of the Ministry of Home Affairs to improve governance, clamp down on terror-funding and money laundering. The action against the J&K Bank Chairman and investigation into alleged backdoor appointments, 'irregularities, loot and plunder' is intended to cleanse the system, a Government official said requesting anonymity. The Government yesterday removed Parvez Ahmed from the post of Chairman and Managing Director. The Anti-Corruption Bureau also raided the bank's headquarters. Sources said that Parvez Ahmed was allegedly involved in corruption, nepotism and favouritism. They said that he has made several backdoor appointments and illegal recruitments in the bank during last two years. Sources said that even during the recently concluded Lok Sabha elections, over 60 people were employed in the bank in violation of Code of Conduct. He appointed his nephew, Muzaffar Ahmad illegally and posted him into his office immediately after taking over as Chairman in 2016. His daughter-in-law, Shazia Ambreen, was also allegedly appointed as a Probationary Officer and is heading the Hazratbal branch. Shamsudin Andrabi, brother of former Minister Farooq Andrabi and relative of former Chief Minister Mehbooba Mufti was appointed as Manager and is posted in Bhaderwah branch of the Bank. He was appointed illegally when his qualification is 12th pass. He also appointed Sajjad Ahmad Sofi son of BJP leader and former law maker Mohammad Yusuf Sofi of Srigufwara Anantnag as Manager who is presently posted at Jammu and Kashmir Bank Corporate Office. Two of his relatives, Asif Beg and Fahim, both nephew, allegedly control the HR and Board affairs including the credit proposals of the bank. Two branches of J&K Bank, Kapran in Shopian and Wuyan in Pulwama, operate allegedly from his own premises and those of his in-laws respectively. The Bank recently signed an insurance deal with IFFCO Tokio General Insurance Company where the son of Chairman's sister reportedly works. Interiors works of large numbers of the Bank branches were allegedly allotted to select individuals for Rs 50 lakh to Rs 1.5 crore per branch on huge kickbacks. Sources said that Rs 8 crore has been spent as Corporate Social Responsibility (CSR) on beautification of Royal Spring Golf Course. It was also alleged that Rs 30 lakh was paid to a particular media outlet for publishing advertisements to highlight the budget and it has not much visibility. It is alleged that the former Chairman misguided and fraudulently highlighted his performance instead of presenting the factual reports. He boasts that the bank has recovered an NPA of Rs 2200 crores during the financial year 2017-18, but has never depicted or mentioned the fresh NPAs that is to the tune of Rs. 3104.69 crores for the Financial year 2017-18. The recoveries have been made against huge haircut given to outside State borrowers whereas all the deposits in the bank are from J&K but most of the loans and advances are done outside J&K. He allegedly doled out loans worth several crores to the companies, who had already been declared as defaulters by various institutions. These companies were based within and outside J&K. Meanwhile, the Anti Corruption Bureau Kashmir today continued raids at the headquarters of Jammu and Kashmir Bank Srinagar for second consecutive day to conduct investigations into the illegal appointments made in the bank. The sleuths of the ACB this morning raided the Jammu and Kashmir Bank Headquarters at TRC Srinagar again and conducted searches of the IT section of the bank. They seized documents related to appointments from the section and sealed one of the rooms. They had yesterday sealed Chairman's room.

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