ACB books J&K Bank officials, realtor in Rs 600 crore fraud case

The Jammu and Kashmir's Anti-Corruption Bureau on Wednesday registered two corruption cases against a Delhi-based realtor and various officials of the J&K Bank for their alleged roles in defrauding the bank of over Rs 600 crore.

After registering two FIRs under various sections of the Ranbir Penal Code and the Prevention of corruption Act, the ACB sleuths conducted search and seizure operations at the residential and official premises of Ambience Group's promoter and director Raj Singh Gehlot, said an ACB spokesperson.

He said searches were carried out at residence and home of Gehlot in New Delhi.

Various incriminating documents and electronic evidences were recovered and seized by the team, he said, adding that further probe is on in the matter.

The spokesperson said preliminary enquiry into the matter revealed that Gehlot's two firms -- Aman Hospitality Private Limited and Messrs Ambience Towers Private Limited -- in collusion with various bank officials, repeatedly secured loans from the Bank between 2016 and 2019 in breach of various banking laws and bylaws.