Finance News

J&Ok financial institution case: I-T dept initiates probe into irregularities, conducts raids


Inside days of anti-corruption bureau motion towards J&Ok Financial institution, the Earnings-Tax Division Tuesday initiated probe into the alleged irregularities and performed searches at 10 premises on a enterprise agency of a senior Srinagar municipal company functionary, officers stated.

Tax sleuths raided eight premises in Jammu and Kashmir’s summer time capital Srinagar and one every in Delhi and Bengaluru of the Kehwah group, promoted by Sheikh Imran, the deputy mayor of the company.

Within the Kashmir Valley, the searches are being performed within the Bohri Kadal space of downtown Srinagar and 7 different close by areas, they stated.

The motion is linked to the not too long ago unearthed alleged irregularities within the financial institution’s affairs and the raids performed by the state anti-corruption bureau (ACB), they stated.

They alleged that the Kehwah group, with Imran as its chairman, is dealing with default proceedings after 23 of its accounts with the J-Ok Financial institution have been declared non-performing belongings for dues of over about Rs 120 crore.

The I-T Division suspects wrongdoings and alleged monetary irregularities and therefore raids are being performed to acquire additional leads, proof and paperwork, the officers stated.

The motion comes within the backdrop financial institution’s chairman Parvez Ahmed being eliminated after prices of alleged involvement in corruption, nepotism and favouritism have been reported towards him.

Referring to the ACB proceedings towards Ahmed, a authorities official instructed PTI earlier this week on the situation of anonymity that investigation into alleged backdoor appointments, “irregularities, loot and plunder” is meant to cleanse the system on the financial institution.

The state authorities holds 59 per cent stake within the J&Ok Financial institution.

After his removing, Ahmed in aTwitterpost stated he has completely no remorse over his work and that he did his job “most diligently, actually and in the most effective curiosity of the establishment”.

Loans value lots of of crores have been allegedly allotted with out formalities in “brazen violation” of Normal Working Procedures or tips to pick recommendees of two politicians, the official had stated.

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