The Kashmir Pulse

REASI — A Jammu and Kashmir Bank assistant manager has been apprehended for allegedly orchestrating fraudulent debits amounting to Rs 126.34 lakhs, according to a senior police officer quoted by a local news agency.

The accused, identified as Ishwinder Singh, an Assistant Manager at J&K Bank Pouni, faces charges under section 409 IPC. The case, registered under FIR number 10/2024 at Police Station Pouni, accuses Singh of making unauthorized withdrawals from inactive and deceased accounts over the past three years.

Authorities claim Singh's modus operandi involved surreptitiously activating dormant accounts and unlawfully siphoning off deposited funds. The fraudulent activity came to light when Singh allegedly withdrew funds from an already active account, prompting the account holder to file a complaint.

Following a month-long evasion, a police team led by Dy. SP Headquarters Reasi, Neeraj Padyar (JKPS), conducted raids across various locations in Jammu, ultimately leading to Singh's arrest. Mohita Sharma, SSP Reasi, confirmed the arrest, highlighting Singh's alleged wrongful gain at the expense of public funds.

SRINAGAR — For the last couple of days, the consumers of Jammu & Kashmir Bank have been facing immense hardships while using its mobile application—MPay as there have been frequent snags, leaving the people to lurch at large.

The news agency KNO received several calls from the consumers of J&K Bank, narrating their ordeal while using the application. “Frequent snags have been witnessed in the application in the last couple of days,” the consumers said.

Farooq Ahmad, a consumer, said that he has been facing immense hardships while using the application, as most of the time, the application was showing some error.

“People are mostly using the online mode to pay bills everywhere. Ahead of Eid-ul-Fitr, the people are busy with buying essentials, clothes and other related things, but the frequent snags have been pushing them to the wall,” he said.

Another J&K Bank consumer said that he bought some essentials from the market but abandoned them after MPay failed to make payments. “The shopkeepers were so courteous that they refused to take back the stock and allowed us to pay later. They even refused to note down my phone number and only shared their account numbers,” he said.

They said that such a situation is always being witnessed whenever there is any special occasion like Eid or other festivals. They further appealed to the concerned authorities to look into the matter and ensure that the issue of frequent snags is addressed at the earliest.

Despite repeated attempts, the officials from Jammu & Kashmir Bank could not be contacted for the comments.

SRINAGAR — Unidentified persons stole an Automated Teller Machine (ATM) of J&K Bank on the intervening night of Saturday-Sunday and decamped with cash in Panzan Chadoora area of central Kashmir’s Budgam district.

A police officer told news agency KDC that unidentified persons entered into J&K Bank ATM, located at Panzan in Budgam and looted cash along with the ATM machine. "It was not immediately clear as to how much cash was in the ATM," he said.

The machine was found in a broken condition at the GunjBagh area, adjacent to the village.

"Efforts are on to identify the robbers," the officer said, adding that the ATM guard’s statement will be recorded and CCTV footage will also be analyzed following which the investigation will get a direction.

"A case under the relevant section of law has been registered in Police Station Chadoora, and further investigation is on," the officer added.

SRINAGAR — Lieutenant Governor Manoj Sinha on Wednesday rolled out ‘Accidental Insurance Scheme’ for employees of the J&K Government. Under the scheme, Jammu & Kashmir Bank will extend free group personal insurance cover of Rs 15 lakh to all the employees.

The Lieutenant Governor also launched J&K Bank’s 'Phone Pe Loan' facility for the government employees. He said that people-centric initiatives such as 'Phone Pe Loan' & 'Accidental Insurance Cover' will ensure hassle-free credit flow and social security net for employees.

J&K Bank, with a strong and diversified banking system and serving all sectors of the economy, is reaching out to all sections of society for financial inclusion and delivering financial services to the last man in queue, the Lieutenant Governor observed.

With consistent reforms in the last two years, J&K Bank has demonstrated resilience in adapting to the challenges, and emerged as one of the most trusted and reliable banks in the UT, said the Lieutenant Governor.

The Lieutenant Governor directed the bank to enhance the insurance amount from Rs 15 lakh to Rs 25 lakh from the next financial year.

Highlighting several steps being taken to end the non-transparent credit culture and bridge the gap in credit availability, the Lieutenant Governor said that the UT government is making dedicated efforts to strengthen the credit flow system.

Higher credit flow was witnessed in agriculture, MUDRA, small scale industries, SHGs and promotion of entrepreneurship, and infrastructure related investment, the Lieutenant Governor added.

Financial assistance is being extended to the enterprising youth from Panchayats to realize their dreams and transform their entrepreneurial ideas into reality.

Last year, 44,403 young boys and girls, self-help groups were provided financial assistance. In the first four months of this year, 3,407 youth have been turned into entrepreneurs by this financial assistance, the Lieutenant Governor said.

Under Prime Minister’s Stand Up India Mission, 1560 beneficiaries have received the credit of Rs 10 lakh to one crore for starting their business ventures. More than 2.62 lakh accounts have been opened, and Rs 5696 crore has been disbursed to small and micro-entrepreneurs under the MUDRA Yojana. For the first time, the street vendors of Jammu and Kashmir have been connected with the banking facility and loan has been disbursed to 14,682 beneficiaries till date, the Lieutenant Governor added.

J&K Bank has been the leader in implementing Pradhan Mantri Jan-Dhan Yojana, connecting poor families to the formal financial system. Out of the 43 lakh accounts under this scheme, 25.65 lakh accounts were opened in Jammu and Kashmir Bank alone, he further added.

The Lieutenant Governor also enlisted the measures taken to reach out to the population living in such areas as remained disconnected with the banking and financial system.

As many as 99 villages out of the 104 villages in the UT with population above 5000 with no banking outlets have been connected to the financial system and the remaining villages will be covered soon. Besides, 147 small villages, which were outside the financial sector, were also being linked with banking facility, he added.

Dr Arun Kumar Mehta, Chief Secretary congratulated the J&K Bank on the occasion, and commended its continuous efforts for extending hassle-free banking services to the people.

Baldev Prakash, MD & CEO, J&K Bank, speaking on the occasion, expressed gratitude to the UT Government for extending support to the Bank for its effective functioning.

J&K Bank has registered an annual net-profit of Rs 501 crores for the financial year 2021-22, which is the best performance of the bank in the last seven years, he informed.

On the occasion, the Lieutenant Governor also handed over Pradhan Mantri MUDRA Yojana sanction letters to the beneficiaries.

The free group personal insurance cover is extended to all the permanent employees of J&K Government in addition to the offers that they are entitled to on behalf of MoU between J&K Bank and J&K Government. The Bank has contracted with Oriental Insurance Company for extending the cover.

The policy for group accidental insurance shall cover personal accidental deaths under all circumstances including militancy, on anytime and anywhere basis. The insurance company will be required to settle the claims within 15 working days of submission of all requisite papers.

Under ‘Phone Pe Loan’ scheme, the salaried employees can avail personal consumption loan and cash credit facilities at discounted rate of interest, it was informed.

The launching event for several schemes of J&K Bank was organized by the bank in connection with ‘Azadi Ka Amrit Mahotsav’.

Syed Rais Maqbool and Chetan Paljor - General Managers J&K Bank, besides other senior officers of the bank were present on the occasion at the auditorium of J&K Bank Corporate Headquarters.

AC approves scheme for promotion of PM package employees

In a bid to streamline the career progression of employees engaged under the Prime Minister’s Development Package, the Administrative Council (AC) which met here under the chairmanship of the Lieutenant Governor, Manoj Sinha, on Wednesday approved the scheme for promotion of the PM package employees.

This will remove the bottleneck in career progression of employees appointed under the PM package.

Rajeev Rai Bhatnagar, Advisor to the Lieutenant Governor, Dr Arun Kumar Mehta, Chief Secretary, J&K and Nitishwar Kumar, Principal Secretary to the Lieutenant Governor attended the meeting.

The scheme envisages maintaining a separate seniority for Kashmiri Migrant employees appointed under the PM package, by respective appointing departments which will run parallel to the seniority of regular employees and will take effect from the date of appointment against the supernumerary posts under the PM Package.

Accordingly, the Administrative Council sanctioned creation of pre-facto supernumerary posts at corresponding higher levels to pave way for timely career progression of Kashmiri Migrant employees, by reducing the supernumerary posts at lower levels in the same ratio. However, these promotions will be based on seniority and eligibility requirements as per the recruitments rules.

Further, for maintaining the spirit of the PM Package, all posts under the PM Package have been re-designated as divisional level posts in Kashmir Division. The new structure will provide avenues for in-situ promotion to all PM Package employees as per eligibility and seniority.

The implementation of the scheme will be monitored at the highest level to ensure that the eligible employees avail the benefits of the scheme at the earliest.

Pertinently, during the financial year 2008-09, Prime Minister’s Package was rolled out for return and rehabilitation of Kashmiri Migrants to the Kashmir valley which included various incentives like Housing, Employment, Transit Accommodations etc.

The employment component of the package extended employment to 6000 eligible candidates by creating various supernumerary posts in different departments.

PULWAMA — Traders from Ratnipora area of south Kashmir’s Pulwama district on Friday appealed to J&K Bank authorities to get the incumbent manager at Ratnipora branch transferred without any delay in the interest of customers.

Traders accuse the current branch manager of misbehaviour, stating that he not only misbehaves with customers but shows the least interest in getting any issue resolved.

Sources told news agency Kashmir News Trust that Traders Association Ratnipora has sent a communique to the Chairman J&K Bank, Corporate Headquarter Srinagar, and Zonal Office Pulwama demanding the transfer of the bank manager.

The communique reads that J&K Bank at Ratnipora has been functioning for the past 50 years with cordial support from bank staff and traders and local customers.

“The present manager is not cooperative with the trade union and frequently misbehaves with widows, old-age pensioners, and other customers. He must be transferred in the interest of customers others traders and locals will switch to other banks,” the Traders Association Ratnipora said.

SRINAGAR — A preliminary enquiry conducted by the Anti-Corruption Bureau (ACB) into the purchase of a building for Rs 180 crore by the J&K Bank in Mumbai in 2010 has revealed that there was no requirement for purchasing the building and the lowest bidder was twice ignored by the Bank.

Documents in possession of news agency Kashmir News Observer (KNO) reveal that a preliminary enquiry conducted by the ACB states that on November 6, 2018, an advertisement was issued by the J&K Bank for purchasing 20000 square feet of integrated office premises at Bandra Kurla, Mumbai.

According to the documents, offers were received from 25 builders and the committee constituted for the task shortlisted eight buildings. “The spot inspection of the shortlisted properties was conducted on 13.12.2008 by a high-level committee of J&K Bank. Amongst these eight parties, the rates offered by Ashapura Builders (Hallmark Business Plaza) were the lowest (Rs 25000 per square feet),” reads the documents.

The ACB probe further revealed that on July 28, 2009, a letter was received by the J&K Bank from M/S Ashapura Builders indicating therein its willingness to offer the 3rd floor of the building measuring 30000 square feet built-up area at Rs 22,500 per square feet chargeable area.

“The application was processed and submitted to then-chairman to take a decision but no decision was taken regarding the finalization of the contract with M/S Ashapura Builder owners,” reads the documents.

According to documents, a committee was constituted with the approval of the chairman to take a view with regard to the offer received. “The committee so constituted has done nothing in respect of offers received especially on the application of M/S Ashapura Builders,” the ACB report reveals.

The ACB enquiry further revealed that upon directions of corporate headquarters J&K Bank, the zonal head Mumbai published another advertisement on January 14, 2010, wherein it was mentioned that J&K Bank required premises on outright purchase basis having office space comprising of about 25000-30000 square feet and residential flats in or around Andheri (15 single BHK 600-800 square feet and 10 double BHK 1000-1200 square feet).

Subsequently, 23 offers were received and M/S Ashapura Builders was again quoted the lowest rate at Rs 25,000 per square feet. “It has been found that no heed once again was paid to the lowest rates offered by the said builder,” reads the anti-graft body’s report.

On February 25, 2010, it has been found that in the Board of Directors meeting, the Director Estate Committee briefed Board members about site inspections of the shortlisted properties conducted by the Estates Committee. “The members were informed that among the shortlisted properties, Akruti Gold BKC meets the requirements of the bank. He further informed the members that the total chargeable area of the entire building was around 42000 square feet area and the rate quoted for the sale was Rs 26000 per square feet area which roughly works out to Rs 109 crores for the entire building and Rs 73 crores for the proposal six floors," the report said.

"The members of the Board accorded approval to the proposal and decided that Bank should enter into negotiations with the builders on purchasing the entire building. Accordingly, negotiations were held with the builder Akruti Gold BKC and finally, the rate was finalized at Rs 26000 per square feet for nine floors having a total chargeable area of 63776 square feet. A letter of intent was signed with the builder and token money of Rs 25 crores was paid to developer Vishal Techno Commerce Limited," reads the report.

An enquiry conducted has revealed that there was sufficient space available with J&K Bank for functioning of Branch Bandra Kurla, Zonal Office and Treasury, as such there was no requirement of purchasing any additional accommodation.

“The Zonal office Mumbai, Branch Bandra Kurla and Treasury were already functioning in the Bank's own buildings,” reads the report.

SRINAGAR — CBI Srinagar conducted searches in J&K Bank in connection with an alleged multicrore scam.

An official on condition of anonymity said that the anti-corruption branch of the CBI Srinagar carried out searches at multiple locations in Mumbai, Delhi, Jammu and Srinagar following the registration of a case related to a multicrore scam in the purchase of office space of approximately 65000 square feet area by J&K Bank at Mumbai.

These searches, as per the officials, are being carried out simultaneously by CBI sleuths at the residences of Haseeb Drabu, the then Chairman of J&K Bank besides members of the Estates Committee of Board of Directors of the Bank including A.K. Mehta, then Executive Director, Muhammed Ibrahim Shahdad and Vikrant Kuthiala, both then Directors.

It has been alleged that these members of the Estate Committee of the Board of Directors have allegedly received kickbacks in crores for facilitating the said deal.

Sources have also confirmed that incriminating documents, numerous bank account details, bank locker keys and other related documents were seized by the CBI.

SRINAGAR — The Enforcement Directorate (ED) on Thursday questioned former Chief Minister and Vice President of National Conference, Omar Abdullah, for many hours in a case registered at probing agency headquarter in New Delhi, official sources said.

Sources told Srinagar based news agency Kashmir Dot Com (KDC) that Omar Abdullah is being questioned by the probing agency at its headquarters in the J&K Bank scam case.

"Nihal Garware, Mumbai based the then Director of Bank who was arrested recently in 2010 ‘bank scam case’ is also under probe for receiving kickbacks when Bank purchased some property in Mumbai," sources in ED told KDC.

Omar was formerly summoned by the probing agency ED and was asked to visit its office today for questioning in New Delhi.