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Rs 177-crore loan fraud unearthed in J&K Bank, ACB registers case

INS Correspondent by INS Correspondent
June 28, 2019
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Rs 177-crore loan fraud unearthed in J&K Bank, ACB registers case

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Jammu: The Anti-Corruption Bureau (ACB) Thursday registered a case and conducted raids after unearthing a loan fraud worth over Rs 177 crore in Jammu and Kashmir Bank here, officials said.

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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.

Picture for representational purpose only

Giving details, he said a joint surprise check (JSC) 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 Rs 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, he said.

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