ACB arrests ex-J&K Bank chairman Parvez Nengroo

Anti Corruption Bureau arrested Parvez Ahmad Nengroo, ex chairman and managing director, J&K Bank in a case pertaining to alleged illegal allotment of tenders. The case FIR 14/2020 registered by P/S ACB Srinagar, pertains to alleged illegal allotment of tenders by J&K Bank to a Mumbai-based Company namely M/S SILA Solutions Pvt. Ltd, the handout said.

The ACB statement said that the allotment had been made “without following proper norms as provided in the contract to the said firm despite not falling into the criteria of any such allotment”.

“Due to not following the proper tendering processes, improper ATM cleaning, undue addition of the Management Fee and other omissions and commissions detected during the course of investigation, the J&K Bank has suffered losses worth crores of rupees from the date of award of contract,” the statements said.

“Besides this case,” the statement said, “charge sheets in connection with FIR 10/2019 of PS ACB Srinagar have already been produced before the Anti Corruption Court against Parvez Ahmad Nengroo.”

The statement said: “On account of illegal appointments in J&K Bank, the bank suffered a loss of more than Rs. 250 crore on account of salary paid to these illegal employees over the period.”

Further investigation in the case is in progress.