ACB tightens noose around fmr J&K Bank chairman’s neck
Srinagar, Jul 22: The Anti Corruption Bureau Monday said it is investigating yet another corruption case against the former chairman of J&K Bank Parvez Ahmed Nengroo for violating norms to bring pecuniary benefits to himself and a close relative.
According to the Anti Corruption Bureau (ACB) statement issued here, a “source report” received by it has revealed that an insurance deal in violation of norms has been made by J&K Bank with IFFCO TOKIO in which a close relative of former chairman J&K Bank Parvez Ahmed Nengroo is employed resulting into undue benefits to the said company.
Statement said a verification conducted into the matter revealed that J&K Bank had already entered into venture with PNB Metflife Insurance company for sale of its insurance products in the year 2000, followed by similar nature of venture with Bajaj Allianz Insurance Company for sale and distribution of its non-life insurance products including health product in the year 2002.
The verification conducted into the matter revealed that due to the said insurance deal, the beneficiary company — IFFCO TOKIO– has been conferred business of insurance in Srinagar and Anantnag at the cost of bank resources and that of Bajaj Allianz Ltd, which was already in arrangement with the J&K Bank since 2002, ACB statement said.
It said the initial probe further revealed that in the first quarter of financial year 2018-2019,i.e, April to June, J&K Bank received commission from Bajaj Allianz to the tune of Rs 159 lakhs, whereas commission received from IFFCO TOKIO General insurance Company Ltd for the first quarter of current financial year is to the tune of Rs 88 lakhs only. Thus a loss of Rs 71 lakhs in the form of commission has been caused to the J&K Bank Ltd, it said.
By resorting to the acts of favoritism and abuse of official position as Chairman J&K Bank, Nengroo in connivance with MD IFFCO TOKIO General Insurance Company, got his relative Asif Manzoor Beig appointed in the said 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, ACB statement said.
It said the accused beneficiary Beig is serving as Chief Manager in IFFCO TOKIO General Insurance Company Srinagar office.
AXCB said in order to effect search of the office premises of IFFCO TOKIO General Insurance Company located at Chinar Complex Residency Road Srinagar Kashmir, a warrant was procured from the competent court of law, following which the search was conducted to seize incriminatory evidence related to the commission of the offence by the officers/officials of IFFCO TOKIO General Insurance Company Ltd.
It said these omissions and commissions on the part of Parvez Ahmed Nengroo, the then chairman J&K Bank Ltd, in furtherance of conspiracy hatched with officer/officials of IFFCO TOKIO General Insurance Company Ltd while executing an insurance deal with the said company in order to secure appointment of his close relative Asif Manzoor Beigh in the said company and others at the cost of J&K Bank resources constitute criminal misconduct under J&K P C Act 2006 and thus disclose commission of offences punishable U/S 5(1) (d) read with 5(2) J&K Prevention of Corruption Act and section 120B of the RPC.
A case FIR No. 14/2019 stands registered in Police Station ACB Srinagar into the matter and investigation is going on, the statement said.