Vigilance sleuths raid J&K Bank headquarters after chairman Parvez Ahmad's removal

Minutes after the removal of Parvez Ahmad as chairman of the Jammu and Kashmir Bank, state vigilance organisation sleuths Saturday raided the financial institution’s corporate headquarters here, officials said.

The sleuths raided the bank’s corporate headquarters at M A Road here soon after the state government dismissed Ahmad and appointed executive president R K Chibber as the bank’s interim chairman, the officials said.

Chibber replaces Ahmad, who was appointed in 2016 as the chairman of the Jammu and Kashmir Bank.

Parvez Ahmad, chairman-cum-managing director, shall cease to be director on the Board of Directors of the bank and consequently be no longer the chairman-cum-managing director of the board,” an order issued by Additional Secretary,Finance, Vishal Sharma said here.

The order said Chibber has been appointed as the interim chairman and the director on the Board of Directors of the Jammu and Kashmir Bank.

R K Chibber is hereby nominated as the director on the board and may be further appointed as the interim chairman cum managing director of the board, the order read.