Jammu and Kashmir Bank loan misappropriation case: IT raids underway at multiple locations in Srinagar, Delhi and Ludhiana

SRINAGAR/DELHI: Income Tax raids underway at multiple locations in Jammu and Kashmir's Srinagar, Delhi and Punjab's Ludhiana in connection with misappropriation of loans from Jammu and Kashmir Bank.

Raids are being conducted at the home of former J&K finance minister’s son. According to ANI, the searches are underway at the residential property of Hilal Ahmed Rather, son of former state minister Abdul Rahim Rather. 

This comes days after the Anti Corruption Bureau (ACB) raided the various properties related to former Jammu and Kashmir Bank chairman Parvez Ahmad Nengroo's on June 19.

On June 8, Pervez was sacked from his post following allegations of irregularities and misuse of power during his tenure as the J&K Bank`s Chairman. 

ACB is investigating the "dubious credentials of Parvez Nengroo, ex-chairman of J&K Bank and his meteoric rise from a CA to Chairman in a short span of 15 years, despite his shady reputation," reported news agency IANS.

The action was taken by the ACB, which was established a few months ago in Jammu and Kashmir, currently under the President’s rule, following persistence of the Ministry of Home Affairs to improve governance, clamp down on terror-funding and money laundering.