Ex-J&K Bank Chairman Parvez Ahmad Arrested

Accused of tender fraud in housekeeping

Srinagar: The anti-corruption bureau (ACB) on Saturday arrested former chairman of Jammu and Kashmir Bank, Parvez Ahmad Nengroo in connection with a case of tender fraud in housekeeping.

Nengroo, former Chairman and Managing Director of J&K Bank was arrested for causing a loss of crores to the bank with illegal allotment of tenders for housekeeping to a Mumbai based company SILA, an ACB spokesperson said Saturday. He said that the ex-CMD had not followed proper tendering norms as provided in the contract to the firm despite not falling into the criteria of any such allotment and his arrest was executed in connection with investigation of a case registered by the agency last year.

“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 ACB spokesperson said.

Besides this case, he said, charge sheets have also been filed before the Anti Corruption Court against Nengroo in another case registered against him in 2019. He further said that J&K Bank had suffered a loss of over Rs 250 crore on account of salary paid to the illegally appointed employees over the period.

“Further investigation in the case is in progress,” he said.

Pertinently, Nengroo has also been accused of conferring undue benefits to an insurance company where his close relative was working.

In 2019, ACB filed a case against Nengroo for resorting to the acts of favouritism and abuse of official position as Chairman J&K Bank by facilitating appointment of his close relative Asif Manzoor Beig in connivance with MD IFFCO TOKIO General Insurance Company, against annual salary package of Rs 19, 28,886 which is approximately 2.5 times higher than that of the package given by Bajaj Allianz General Insurance Company where the accused beneficiary was functioning as deputy manager.

The ACB had said that J&K Bank had entered into insurance deal in violation of norms, with IFFCO TOKIO General Insurance Company in which Nengroo’s relative was working.

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