In a major action, Chairman and CEO of Jammu and Kashmir Bank Mushtaq Ahmad Thursday terminated two senior officials from the services of the bank.
Using his powers, Mushtaq Ahmad handed over termination order attached with three month salary to Assistant Vice President V.K Khajanchi and senior executive Avtar Krishan. This is believed to be a step taken in response to a massive fraud that has come to light where millions of of rupees have been debited from accounts ‘illegally’.
The sources in the bank claim that such stern action is one of the rarest in the history of State’s only listed company.
Pertinently as reported by section of media that “few officers of the Bank over the last few years have been practicing a ‘small ponzi’ scheme wherein money from one account was laundered to other accounts for various purposes and the circle kept on moving.”
The client from whose account the erring officials had made ‘illegal’ debits wrote to chairman and sought his money along with interest. Acting on the complaint the action is believed to be taken.
The bank officials could not be contacted despite repeated attempts from Kashmir Life.