Former J&K Bank Chairman Arrested In Tender Fraud Case

The ACB had registered a case in October last year against a private firm and three former bank officials, including Ahmad, for allegedly causing a Rs 6.92-crore loss to the bank by not following tendering rules.

Former chairman of J&K Bank Parvez Ahmad Nengroo was arrested on Saturday in connection with a case of illegal allotment of tenders for housekeeping that led to a loss of crores of rupees to the bank, the Anti-Corruption Bureau (ACB) said. The ACB had registered a case in October last year against a private firm and three former bank officials, including Ahmad, for allegedly causing a Rs 6.92-crore loss to the bank by not following tendering rules. "Nengroo has been arrested by ACB in connection with the investigation of a case that pertains to illegal allotment of tenders by Jammu and Kashmir Bank regarding housekeeping, to a Mumbai based Company (M/S SILA Solutions Pvt. Ltd) by not following proper tendering norms as provided in the contract," the ACB said in a statement in Srinagar. The statement said due to not following the proper tendering processes, improper ATM cleaning, undue addition of the Management Fee and other omissions and commissions detected during the investigation, the J&K Bank suffered losses worth crores of rupees from the date of award of the contract.