ACB Arrests Former JK Bank Chairman

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SRINAGAR: Anti Corruption Bureau (ACB) on Saturday formally arrested the former executive president and ex-chairman J&K Bank, Parvez Ahmad in connection with a case of tender fraud in housekeeping.

Parvez Ahmad

Sources told news agency KDC that ACB arrested Parvez in connection with a case of awarding tenders of housekeeping to a Mumbai based Company M/s SILA Solutions Pvt. Ltd by not following the proper tendering norms, causing Rs. 6,29,56,575 loss to the Bank.

Sources said that the case against Parvez and four others was registered last year in October on the allegation that the officers and officials of J&K Bank awarded tenders of housekeeping to a Mumbai based Company M/s SILA Solutions Pvt. Ltd by not following the proper tendering norms and that has led to the losses to the bank of the tune of Rs. 6,29,56,575 from the date of award of contract.

A team from ACB Kashmir raided Ahmed’s residence in Srinagar and arrested him formally in the case.

An ACB official also confirmed the arrest of Parvaiz to KDC and said that further details will be shared later as investigations into the case are on.

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