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BREAKING: J&K ACB probing allegations of corruption & nepotism against sacked J&K Bank Chairman Parvez Ahmad Nengroo, some of which are: 1. Dubious credentials of Nengroo and his Meteoric rise from a CA to Chairman in a short span of 15 years, despite his shady reputation.
2. He got his nephew ( Muzaffar) posted into his office after taking over as chairman. He is considered a key man of the chairman. 3. His daughter in law, Shazia Ambreen was appointed as PO & is currently heading Hazratbal branch.
4. Two J&K Bank branches, Kaprin Shopian and Wuyan Pulwama operate from his personal premises and In-laws of the chairman. Both locations are highly unsuitable from banking point of view.
5. Two relatives -Asif Beg and M. Fahim one of whom is Nengroo's nephew- control HR and Board affairs including credit proposals.
6. Two other relatives in ex-Chairman's office- Faheem Nengroo, Taseen Nengroo
6. Two other relatives in ex-Chairman's office- Faheem Nengroo, Taseen Nengroo
7. Nengroo's Sister's son is working in IFFKO TOKIO. Recently JK Bank signed an Insurance deal with this company.
ACB is now probing as to how:
1. Parvez Ahmad Nengroo, whose registered DOB with STATE BOSE and Govt High School Kapran Kulgam, is 21-04-1963, passed Matriculation exam at the age of 14 years in November 1977 under Roll No: 3438
1. Parvez Ahmad Nengroo, whose registered DOB with STATE BOSE and Govt High School Kapran Kulgam, is 21-04-1963, passed Matriculation exam at the age of 14 years in November 1977 under Roll No: 3438
2. Interiors of hundreds of the branches are allotted to select individuals for Rs 50 lakh to Rs 1.5 crore a branch while actual cost is only 30% of the money paid
3. Shamsuddin Andrabi, 12th pass brother of ex Minister Farooq Andrabi and ex CM's relative is appointed directly as Manager through back door and posted in JK Bank branch Bhaderwah
4. Loans worth hundreds of crores of rupees were sanctioned in brazen violation of SOPs/guidelines to select recommendees of Imran Ansari and Sajad Lone.
5. Over Drafts of hefty amounts were released to habitual defaulters of other banks. Many of such CC accounts turned NPA.
6. One-Time Settlements done with select defaulters against huge kickbacks.
6. One-Time Settlements done with select defaulters against huge kickbacks.
7. Rs 8 crore spent under CSR on beautification of Royal Spring Golf Course which is a rendezvous of elite and has no utility for common people.
8. Huge variations in Cost:Income ratio as expenditure during Nengroo's time has spiralled up to 200 to 500%.
8. Huge variations in Cost:Income ratio as expenditure during Nengroo's time has spiralled up to 200 to 500%.
9. Paid ads worth Rs 10 lakh or Rs 30 lakh were released to Kashmir Life to highlight the Budget which nobody saw
As I discovered later, Ambreen is not his daughter in law. As someone pointed out, she is married to his nephew. My apologies
