Anti Corruption Bureau (ACB) on Monday said that it has registered a case against the former J&K Bank chairman Parvez Ahmed Nengroo for ‘criminal misconduct’ under J&K Prevention of Corruption Act 2006.
A case FIR No 14/2019 stands registered in Police Station ofACB Srinagar into the matter and investigation is going on, a statement issuedby the ACB said.
“… omissions and commissions on the part of Parvez AhmedNengroo, the then chairman J&K Bank Ltd in furtherance of conspiracyhatched with officer/officials of IFFCO Tokio General Insurance Company whileexecuting an insurance deal with the said company in order to secureappointment of his close relative AsifManzoor Beigh in the said company and others at the cost of J&K Bankresources constitute criminal misconduct under J&K PC Act 2006 and thus disclose commission of offencespunishable under section 5(1) (d) read with 5(2) J&K Prevention ofCorruption Act and section 120B of the RPC,” read the statement.
ACB said it has received information that a insurance deal”in violation of norms” has been made by J&K Bank with one company namely, IFFCO Tokio inwhich close relative of former chairman J&K Bank Parvez Ahmed Nengroo isemployed resulting into undue benefits to the said company.
“The verification conducted into the matter revealed thatdue to the said insurance deal, the said beneficiary company (IFFCO Tokio) hasbeen conferred business of insurance in Srinagar and Anantnag at the cost ofbank resources and that of Bajaj Allianz Company) which was already inarrangement with J&K Bank since 2002,” read the statement.
It said in the first quarter of financial year 2018-2019,J&K Bank received commission from Bajaj Allianz to the tune of Rs 1.59crore, whereas commission received from IFFCO Tokio for the first quarter ofcurrent financial year is to the tune of Rs 88 lakh, which is less by Rs 71lakh, “thereby a loss in the form of commission to J&K Bank has beencaused”.
“By resorting to the acts of favouritism and abuse ofofficial position as chairman J&K Bank in connivance with MD IFFCO Tokio,his relative Asif Manzoor Beig was appointed in the said insurance company (aschief manager, Srinagar office) against annual salary package of Rs 19,28,886(Rs19.29 lakh) which is approximately 2.5 times higher than that of the packagegiven by Bajaj Allianz where the accused beneficiary was functioning as deputymanager earlier,” the ACB said.
ACB on Monday conducted the search of the office premises ofIFFCO Tokio located at Chinar Complex Residency Road here to “seizeincriminatory evidence related to the commission of the offence by theofficers/officials of the IFFCO Tokio”.