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Posted at: Jul 23, 2019, 7:00 AM; last updated: Jul 23, 2019, 7:00 AM (IST)

Fresh ACB probe again nails sacked J&K Bank chairman

Fresh ACB probe again nails sacked J&K Bank chairman
I-T raids in connection with loans given by J&K Bank. File photo

Tribune News Service

Srinagar, July 22

Sacked Jammu and Kashmir Bank chairman Parvez Ahmed Nengroo is in the dock again after fresh the investigation by the Anti-Corruption Bureau revealed that he allegedly abused his official position to strike an insurance deal with IFFCO TOKIO General Insurance Company run by his close relative.

“By resorting to the acts of favouritism and abuse of the official position as the chairman, J&K Bank, in connivance with the MD, IFFCO TOKIO General Insurance Company, his relative Asif Manzoor Beig was appointed in the said insurance company against the annual salary of Rs 19,28,886, which is approximately 2.5 times higher than that of the package given by Bajaj Allianz General Insurance Company, where the accused beneficiary was functioning as a deputy manager,” said an ACB spokesman.

The spokesman said the accused beneficiary was serving as the Chief Manager in IFFCO TOKIO General Insurance Company, Srinagar office.

“In order to effect the search of the office premises of IFFCO TOKIO General Insurance Company located at Chinar Complex Residency Road, Srinagar, Kashmir, a warrant was procured from the competent court of law. The search was conducted to seize the incriminatory evidence related to the commission of the offence by the officers/officials of IFFCO TOKIO General Insurance Company Ltd,” he said.

The spokesman said the lid was blown off the scam after a verification was conducted into the matter.

The investigation revealed that J&K Bank had entered into a venture with PNB Metflife Insurance Company for sale of its insurance products in 2000, followed by similar nature of venture with Bajaj Allianz Insurance Company for sale and distribution of its non-life insurance products, including a health product, in 2002.

“The verification conducted into the matter revealed that due to the said insurance deal, the said beneficiary company has been conferred business of insurance in Srinagar and Anantnag at the cost of bank resources and that of Bajaj Allianz Company Ltd which was already in arrangement with J&K Bank since 2002,” he said.

The initial probe further revealed that in the first quarter of financial year 2018-2019 i.e. April to June, J&K Bank received commission from Bajaj Allianz to the tune of Rs 1.59 crore, while the commission received from IFFCO TOKIO General insurance Company for the first quarter of current financial year is to the tune of Rs 88 lakh only which is less by Rs 71 lakh, thereby a loss in the form of commission to J&K Bank Ltd has been caused.

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