Pervez Ahmad
J&K Bank Chairman, Pervez Ahmad has been removed by the government with immediate effectTwitter

The details surrounding the unceremonious exit of the J&K Bank chairman Parvez Ahmad, who was removed from the post following an order by the J&K administration headed by the Governor Satya Pal Malik, are getting murkier. The investigation carried out by the Anti-Corruption Bureau of the J&K Police has revealed that Parvez gave away loans worth hundreds of crores to people at the behest of politicians such as Sajad Lone and Imran Raza Ansari. He even appointed his nieces, nephews and other relatives to top notch positions in various branches of the bank.

The J&K Bank shares even tanked by 20 per cent on Monday morning following the news of shaking up of the bank's management. The shares, however, recovered later in the day.

Parvez had offered that he is open to any enquiry following the government order and that he is not involved in any case of corruption.However, the J&K Police ACB investigations have obtained credible leads on how Parvez favoured politicians and their relatives when it came to appointing executives at the bank, gave away loans to people on the request of Sajad Lone and other politicians.

Fraud appointments 

The police investigations said that the J&K Bank chairman appointed many of his relatives including niece Shazia Ambreen, nephew Faheem Nengroo, Asif Beg and many other relatives at senior level positions across various branches of the bank. In fact, one of his relatives was hired at the office from where Parvez was operating, the Times of India reported.

J&K Governor Satya Pal Malik had earlier exposed the rot within the bank by revealing that nearly 582 appointments made in the bank for the post of relationship executives were done at the behest of politicians and ministers of PDP and BJP parties. He had said that the meritorious candidates did not even figure on the final selection list. 

Jammu and Kashmir Bank
In picture: People walk past a branch of the Jammu and Kashmir Bank. [Representational image]Twitter

Parvez's niece Shazia, who was appointed as the probationary officer, was made the head of the  Hazratbal branch whereas his nephews were put on the board which monitored credit proposals and HR teams.

Dubious bank branches operated from personal premises?

J&K Bank had apparently turned into a personal property of Parvez who had opened two branches at his native place in Kapran, Shopian, as well as from his in-laws' place in Pulwama. 

The J&K Bank under Parvez Ahmad's tenure even sanctioned the construction work to select individuals when the actual money spent on the construction was only 30 percent. The J&K Bank recently signed an insurance deal with a private firm where one of his nephews is working.

Loans waived off for habitual defaulters 

Some of the biggest defaulters of the J&K Bank include the high profile politicians and bureaucrats who were reportedly offered a one-time settlement for unpaid loans in exchange of kickbacks. The bank violated the guidelines/ standard operating procedures to offer loans to select individuals