SME Times News Bureau | 11 Jun, 2019
Close on the heels of raids by the Anti-Corruption Bureau (ACB) at the
corporate headquarters of J&K Bank in Srinagar, of the Income Tax
(I-T) Department on Tuesday raided 10 business premises of Srinagar
Deputy Mayor Sheikh Imran who owes Rs 120 crore to the bank.
Informed
sources said the I-T officials raided eight business premises of Sheikh
Imran in Srinagar and Jammu and one each in Delhi and Bengaluru.
Twenty
three accounts related to Sheikh Imran's business enterprises --
collectively known as Kehwah group -- have been declared as
non-performing assets (NPAs) by the Bank.
Pervez Ahmed, the
ousted chairman of J&K Bank, is alleged to have granted loans to
habitual defaulters and subsequently given huge remissions to such
beneficiaries as 'bad debts'.
Interestingly, some of the
beneficiary business units given huge amounts of remission as 'sick
units and bad debts' have been publishing certified balance sheets
showing profits.
The I-T raids carried out today are part of the cleansing operation involving J&K Bank's functioning, informed sources said.
In
the past, RTI applications seeking details of bad debts, granting of
loans way beyond the requirement of business concerns and other
irregularities have been brushed aside by the Bank authorities asserting
that J&K Bank does not fall under the purview of the state's RTI
Act.
