Former J&K Bank chairman, 18 others booked in Rs 800 cr scam – Jammu Kashmir Latest News | Tourism


Excelsior Correspondent

Srinagar, Mar 19: The Central Bureau of Investigations (CBI) has booked former chairman of Jammu and Kashmir Bank Mushtaq Ahmad Shaikh and 18 others for a Rs 800 crore loss to the bank caused due to loans to REI Agro, which were issued in violation of guidelines, without tangible security and on fake documents.
In addition to officials of the bank, the Central Bureau of Investigation (CBI) has also booked REI Agro chairman Sanjay Jhunjhunwala, and Vice President and Managing Director Sandeep Jhunjhunwala.
The case was earlier probed by the Anti-Corruption Bureau of Jammu and Kashmir and it had found during its preliminary inquiry that loans worth Rs 800 crore were sanctioned to the group on the basis of fake documents between 2011 and 2013 and in violation of guidelines.
The Mumbai-based Mahim branch of the bank had sanctioned Rs 550 crore of…

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