A case was registered on Thursday by the Anti-Corruption Bureau (ACB) who conducted raids in Jammu after discovering a loan fraud worth over Rs. 177 crores in Jammu and Kashmir Bank, said an official of the ACB. The investigating agency official also said that the ACB formally charged the management and officials of the bank along with the illegal beneficiaries involved in the financial irregularities.
After providing details, he stated that the ACB conducted a joint surprise check on Jammu based on account of the allegations of financial irregularities committed by the officers of J&K bank. 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. It resulted in the loan accounts turning into non-performing assets.
The official also said they discovered the properties of the firm approached J&K Bank, Branch New University Campus Jammu in order to avail 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.