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J-K Bank fallout: Income tax raids on Kashmir biz group

In a statement, the I-T department said search and seizure operations were carried out at eight premises of a business group in Srinagar and one each in Bengaluru and Delhi.

india Updated: Jun 12, 2019 00:05 IST
HT Correspondent
HT Correspondent
Srinagar
jammu and kashmir,bank,income tax
The income-tax (I-T) department on Tuesday raided premises of Srinagar’s deputy mayor and businessman, Shiekh Imran, in Srinagar, Delhi and Bengaluru.(HT File(Representative Image))

The income-tax (I-T) department on Tuesday raided premises of Srinagar’s deputy mayor and businessman, Shiekh Imran, in Srinagar, Delhi and Bengaluru.

Officials said the raids were conducted in connection with Imran’s financial transitions without elaborating further.

In a statement, the I-T department said search and seizure operations were carried out at eight premises of a business group in Srinagar and one each in Bengaluru and Delhi.

“The assessee group is engaged in the business of transportation, manufacturing of silk yarn, hospitality, retail trading of Kashmir arts and crafts etc.”

The statement said that none of the members of the group is regular in filing I-T returns.

“ As a one-time settlement, the group has got loans of Rs 170 crore with J&K Bank restructured for a sum of Rs 77 crores, out of which, payment of only Rs 50.34 crores to the J&K Bank has been made so far and balance of ₹27.66 crores is yet to be paid. During the search, evidence has been detected indicating that the onetime settlement of the loan from J&K Bank has been done through the active connivance of a senior J&K Bank officer who was receiving several out of turn promotions,’’ the statement said.

Earlier, the Anti-Corruption Bureau on Sunday concluded a raid at the corporate headquarters of J&K Bank in Srinagar.

Imran said he will support all investigations to ensure transparency and adherence to I-T laws. “I extend my full cooperation to the I-T department...,” he said in a statement.

First Published: Jun 12, 2019 00:05 IST