ACB registers case, conducts raids after unearthing Rs 177 Cr loan fraud in J&K Bank

A joint surprise check (JSC) was conducted by the Anti-Corruption Bureau ACB, Jammu, on account of the allegations of financial irregularities committed by the officers of J&K bank, The ACB has formally booked the management and officials of the bank along with the illegal beneficiaries involved in the financial irregularities.

Jammu (Jammu and Kashmir): The Anti-Corruption Bureau (ACB) on Thursday registered a case and conducted raids after unearthing a loan fraud worth over ₹177 Cr in Jammu and Kashmir Bank.

The ACB formally booked the management and officials of the bank along with the illegal beneficiaries involved in the financial irregularities, a spokesman of the ACB said.

Giving details, he said a joint surprise check was conducted by the ACB, Jammu, on account of the allegations of financial irregularities committed by the officers of J&K bank, wherein it was revealed that various loan facilities were extended to proprietors of a partnership firm Messrs Paradise Avenue during the period 2012 to 2017 in contravention to the laid down norms of the bank, resulting in the loan accounts turning into non-performing assets.

It was found that the proprietors of the firm approached J&K Bank, Branch New University Campus Jammu, for availing loan facility of ₹74.27 crores for setting up a residential township complex under the name of 'Paradise Avenue' at Narwal in Jammu consisting of 52 flats in each of the towers named Eden and Zion.