IT raids on Deputy Mayor’s firm over suspect links to JK Bank

IT raids on Deputy Mayor’s firm over suspect links to JK Bank

Srinagar/ New Delhi: Within days of Anti-Corruption Bureau action against JK Bank, the Income-Tax Department on Tuesday conducted searches at 10 premises of a business firm promoted by Srinagar Municipal Corporation deputy mayor Sheikh Imran.

Tax sleuths raided eight premises in Srinagar and one each in Delhi and Bengaluru of the Kehwah group, promoted by Sheikh Imran. In the Kashmir Valley, the searches were being conducted in Bohri Kadal area of downtown Srinagar and seven other nearby locations, officials said. The action is linked to the recently unearthed alleged irregularities in the bank’s affairs and the raids conducted by the state anti-corruption bureau (ACB), they said.

They alleged that the Kehwah group, with Imran as its chairman, is facing default proceedings after 23 of its accounts with the JK Bank were declared non-performing assets for dues of over Rs 120 crore. The I-T Department suspects wrongdoings and alleged financial irregularities and hence raids are being conducted to obtain further leads, evidence and documents, the officials said.

The action comes in the backdrop of JK Bank chairman Parvez Ahmed being removed after charges of alleged involvement in corruption, nepotism and favouritism were reported against him. The state government holds 59 percent stake in the JK Bank. After his removal, Ahmed in a Twitter post said he has absolutely no regret over his work and that he did his job “most diligently, honestly and in the best interest of the institution”.
—PTI