Former Union Minister Prof Saifuddin Soz has written a letter to Lt Governor Manoj Sinha seeking intervention to ask the J&K Bank to reveal full details of the bad debts created by the Bank over a period of years.
“I explained to the Lt Governor of Jammu and Kashmir Union Territory Shri Manoj Sinha that it is a story of the Bank creating an impression of its being healthy and safe which is true only because of honest depositors, not because of any special efforts of the Bank, in this connection,” Soz said.
“The fact of the matter was that the bad debts have been accumulating while the Bank does not take any effective measures to solve the menace of bad debts. It (the J&K Bank) is also complacent in not taking the public into confidence on such matters. The directors are, as usual, happy with the meetings that are a routine,” Soz added.
“In this connection, I remind the gullible section of the depositors that we had come to know about the loss caused to the bank through cheating by Nirav Modi and Choksi, through the media, not through any effort by the Bank,” he said, adding that the Bank, as a public institution, must bring all details in respect of bad debts to the notice of the public, immediately.