Srinagar, Ta. October 20, 2019, Sunday
In Jammu and Kashmir Bank, Rs. Anti-Corruption Bureau exposes Rs 1,100 crore scam After the ACB filed an FIR in connection with the scam, the ACB raided the home of more than a dozen accused, including bank officials.
Jammu and Kashmir Bank to Rice Esports India (REI) Agro Ltd for Rs. 1100 crore was paid.
After the FIR was registered by the ACB, the ACB raided 16 premises, including nine in Jammu and Kashmir Bank Chairman Mushtaq Ahmed Sheikh's Kashmir, four in Jammu and three in Delhi.
The ACB also raided the premises of about a dozen other accused involved in the scam, an ACB official said.
The ACB spokesman said that inquiries were also being carried out on the Delhi-based premises of REI Agro chairman Sanjay Zunzunwala and vice president and MD Sandeep Zunzunwala. The ACB has formed three teams in this case and has conducted intensive investigations.
According to the ACB's preliminary inquiry, Jammu and Kashmir Bank's Mahim and Delhi's Ansal Plaza, based on fake documents between 2011 and 2013, paid REI Agro Rs. 800 crore loan was provided. The company subsequently became an NPA in 2014. Hence the bank has to pay Rs. 1,124.45 crore was damaged.
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