J&K Bank HQ raided minutes after chairman’s removal

Just before the board meeting of the bank at the headquarters, Ahmad, who was appointed as chairman in 2016, was communicated that he has been removed.

Minutes after the removal of Parvez Ahmad as the chairman of the Jammu and Kashmir Bank, the state anti-corruption bureau raided the financial institution’s corporate headquarters in Srinagar on Saturday, said officials.

The anti-corruption bureau was looking for records of nearly 1,200 appointments allegedly made at the behest of political masters of the previous PDP-BJP government in the state and during Ahmad’s tenure. (PTI)

Just before the board meeting of the bank at the headquarters, Ahmad, who was appointed as chairman in 2016, was communicated that he has been removed. The state government has appointed RK Chibber as interim chairman.

“Parvez Ahmad shall cease to be director on the board of directors of the bank and consequently be no longer the chairman-cum-MD of the bank,” an order issued by the state government’s finance department read.

The anti-corruption bureau was looking for records of nearly 1,200 appointments allegedly made at the behest of political masters of the previous PDP-BJP government in the state and during Ahmad’s tenure, officials privy to the development said.

“Absolutely no regrets. I did my job most diligently, honestly and in the best interest of the institution. Open to scrutiny on each and every transaction I have done during my two decades of functioning in the bank,” Ahmad tweeted after his removal as the chairman.

The state government holds 59.3% stake in the bank, which has more than 900 branches across the country.