Anti-graft body begins probe into alleged violations at J&K Bank
The Anti-Corruption Bureau in Jammu and Kashmir has begun probing allegations of corruption and nepotism against former chairman of J&K Bank, Parwez Nengroo.
Investigation against Nengroo is in line with the move to plug corruption in the State. “The ACB is probing Nengroo’s meteoric rise from a CA to Chairman in a short span of 15 years, despite his shady reputation. He had his nephew (Muzaffar) posted in the bank immediately after
He is considered a key man of the Chairman,” an MHA source said.
“His daughter-in-law, Shazia Ambreen, was appointed as a PO, and currently heads the Hazratbal branch. Two J&K bank branches, Kaprin Shopian and Wuyan Pulwama, operate in his personal premises. Both locations are highly unsuitable from a banking point of view,” the source added.
“Personnel taking over as manager Aslam Ganai is close to Nengroo, and allegedly acted as a conduit for effecting transfers in the bank. This was as per the ex-Chairman’s wishes with complete disregard to the bank’s interests. It is well known in the bank as to who is to be approached regarding transfers,” the source said.
There are allegations that loans worth hundreds of crores of rupees were sanctioned in brazen violation of SOPs/guidelines to select recommendees of Imran Ansari and Sajad Lone.
There have also been huge variations in cost: income ratio as expenditure during Nengroo’s time spiralled up to 200 to 500 per cent.