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Posted at: Jun 12, 2019, 7:35 AM; last updated: Jun 12, 2019, 7:35 AM (IST)

I-T dept raids J&K Bank, dy mayor’s premises

I-T dept raids J&K Bank, dy mayor’s premises
The I-T department is procuring documents pertaining to loans liquidated by J&K Bank recently. Tribune photo

Samaan Lateef

Tribune News Service

Srinagar, June 11

Days after Anti-Corruption Bureau raids on J&K Bank, the Income Tax (IT) Department has put the bank under surveillance and seized documents related to settlement of loans of high-profile businesses in the recent past.

Officials of the IT Department today raided the J&K Bank headquarters in Srinagar and seized the documents of loan settlements by ex-chairman Parveez Nengroo.

“We have put the bank under surveillance and are procuring documents pertaining to loans liquidated in the recent past,” an Income Tax Department official told The Tribune.

The J&K government, which holds 59 per cent stake in the bank, removed Negroo on Saturday from his post and also raids were carried by the Anti-Corruption Bureaus at the bank headquarters.

Loans worth hundreds of crores were allegedly allotted and liquidated without formalities in “brazen violation” of standard operating procedures.

After his removal, Nengroo in a Twitter post said he had no regret over his work and that he did his job “most diligently, honestly and in the best interest of the institution”.

Earlier in the day, the IT Department officials carried out raids at 10 properties of Kehwah group promoted by Sheikh Imran, Deputy Mayor of the Srinagar Municipal Corporation.

They alleged that the Kehwah group, with Imran as its chairman, is facing default proceedings after 23 of its accounts with the J&K Bank were declared non-performing assets for dues of over Rs 120 crore.

They have found Imran “owned two undisclosed properties” in Delhi and one in Bangalore. Also, the Income Tax official said Imran had not disclosed the source of money he deposited in the bank to liquidate one of his loans. “He has also not filed the returns of the money generated from selling out Kehwah group subsidiaries, including snow cabs,” he said.

In the Kashmir Valley, the searches were conducted at Harwan, Nishat, and Bohri Kadal localities of Srinagar and five other nearby locations. However, Imran said the department had not conveyed to him about any such complaint.

‘Loans restructured’ 

  • As per an IT Department spokesperson, no member of the Kehwah group is regular in filing their income tax returns 
  • As a one-time settlement, the group has got its loans of Rs 170 crore with J&K Bank restructured for a sum of Rs 77 crore, out of which payment of only Rs 50.34 crore to the bank has been made so far and balance of Rs 27.66 crore is yet to be paid
  • During the search, evidence had been found, indicating that the one-time settlement of the loan from the bank had been done through the active connivance of a senior bank officer
  • Digital evidence found had been seized, analysis of which was in progress

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