The Legitimate Desk
Kashmir is divided over the sacking of JK Bank chairman Mr Parveez Ahmad.
Lots of people hail the move of governor since bank was evading the accountability and massive corruption charges were reported against the institution. Even some term it as regional and religious bias.
Before commenting we need to know the charges against him that prompted government to sack him.
Mr. Parveez Ahmad was a Chartered Accountant by profession and has witnessed the meteoric rise in a span of 15 years. Eventually he became the Chairman of JK Bank on 6 October 2016.
One of his relative, Shazia Ambreen, was appointed as a PO and is currently heading Hazratbal branch.
- Two branches of J&K Bank, Kaprin Shopian and Wuyan Pulwama operate in his personal premises and in-laws of the Chairman. Both the locations are non feasible from banking point of view.
- Two of his relatives, Asif Beg and M. Fahim, both nephews, control HR and Board affairs including the credit proposals.
- Recently the J&K Bank signed an insurance deal with IFFKO TOKIO, where Chairman’s sister’s son is working.
- Interiors of hundreds of the branches are allotted to select individuals for Rs 50 lakh to Rs 1.5 crore a branch while as actual cost is only 30% of the money paid.
- Shamsuddin Andrabi, 12th pass brother of ex Minister Farooq Andrabi and ex CM’s relative is appointed directly as Manager through back door and posted in JK Bank branch Bhaderwah.
- Loans worth crores and hundreds of crores were allotted without formalities in brazen violation of SOPs/guidelines to select recommendees of Imran Ansari and Sajad Lone.
- ODs of hefty amounts were released to habitual defaulters of other banks. Many of such CC accounts turned NPA.
- One Time Settlements done with select defaulters against huge kickbacks.
- Rs 8 crore spent as CSR on beautification of Royal Spring Golf Course which is a rendezvous of elite and has no utility for common people.
- Huge variations in Cost: Income ration as expenditure during Nengroo’s time has spiraled up to 200 to 500%.
- Paid ads worth Rs 10 lakh or Rs 30 lakh were released to ‘local weekly ’ to highlight the Budget which nobody saw.
Note: The charges are yet to be proven and ‘The Legitimate’ didn’t have done any independent investigation into the allegations.
