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news details
ACB registers FIR in J&K Kashmir Bank loan fraud case of Rs 1100 cr
10/19/2019 10:32:03 PM

Early Times Report
Jammu, Oct 19: Jammu and Kashmir Anti-Corruption Bureau on Saturday registered Preliminary Enquiry into allegations of loan case of J&K bank of Rs 1100 crore.
Official spokesman here aid that the case was registered into the allegations that "the officers/officials of J&K Bank Branch Mahim Mumbai and Ansal Plaza, New Delhi have sanctioned loan to the tune of Rs 800 crore in favor of firm namely M/S REI Agro Ltd, on fake documents and in violation of the laid down banking procedure during the year 2011 to 2013 which resulted in the accounts becoming NPA in the year 2014 thereby causing a huge financial loss to the bank".
It emerged during enquiry that the Firm REI Agro, which has shown its Head Office at Kolkata and Corporate office at New Delhi, approached Mahim Mumbai Branch of JK Bank without having any office at Mumbai and got the loans/advances sanctioned in their favour worth Rs 550 crores.
"The VasantVihar Branch of J&K bank also sanctioned Rs139 crores in their favour against Supplier Bill Discounting Facility and takeovers," he added and said that the company approached the J&K Bank branch Mahim Mumbai and Vasant Vihar Delhi for sanctioning of above mentioned advances for making payment to the farmers as per terms and conditions laid down in loan sanction order of J&K Bank.
The farmers were supposed to provide paddy to the company, in turn the company had to sell the produce (paddy) and the remittance thereof had to be deposited in the bank as installment against advances received by the company.
The spokesman said that soon after the registration of FIR, ACB teams carried out extensive searches at the houses of aforesaid accused J&K Bank Officials at nine locations in Kashmir Valley, four in Jammu and three in National Capital region of Delhi including the houses of Sanjay Jhunjhunwala, Chairman of Company M/S REI Agro Ltd and Sandeep Jhunjhunwala Vice President and Managing Director of the Company.
Further investigation in the matter is underway and three (03) teams are continuing the investigation/searches in National Capital Region, Delhi.
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