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J&K Bank loan fraud case: ACB registers 2 cases, conducts searches in Delhi

ANI | Updated: Aug 07, 2019 22:06 IST

Srinagar (Jammu and Kashmir) [India], Aug 7 (ANI): Anti Corruption Bureau on Wednesday registered two cases against management, officers and other personnel of the Jammu and Kashmir Bank and an Ambience Group Director in J&K Bank loan fraud case worth about Rs 600 crore.
ACB also conducted searches in different locations in New Delhi.
The residential premises and office of Raj Singh Gehlot, Managing Director Ambience Group at New Delhi were searched. During separate verifications, it was revealed that various loan facilities were extended to two firms owned by Gehlot during the period 2009 to 2016 in contravention to the laid down norms and procedures of the Bank.
The ACB also found the loan given to Gehlot owned firms were declared NPA and caused a monetary loss of Rs 289.28 crore to the bank.
"Since the facts and the circumstances which have emerged during verification vis-a-vis scrutiny of records of the bank disclose the commission of criminal misconduct by bank officials of J&K Bank and the Promoter Directors of the beneficiary company and others, the case is registered in ACB police station," ACB said in its statement.
Another case was also registered against a loan disbursed by J&K Bank branch unit Ansal Plaza during the year 2015 in favour of Ambience Towers Pvt Ltd against future leasing/rental receipts at shopping cum office complex. It was found that rules were flouted and hence another financial fraud was committed.
During investigations, teams of ACB Jammu and Kashmir conducted extensive searches at the residence and office of Raj Singh Gehlot, Managing Director Ambience Group at New Delhi with due procedure.
During the searches various incriminating documents/ electronic evidence were recovered and seized by the team.
Further investigations in the case are underway. (ANI)