Business Standard

I-T raids on Srinagar Deputy Mayor's businesses

IANS  |  Srinagar 

Close on the heels of raids by the (ACB) at the corporate headquarters of in Srinagar, of the Income Tax (I-T) Department on Tuesday raided 10 business premises of Sheikh who owes Rs 120 crore to the

Informed sources said the I-T officials raided eight business premises of Sheikh in and and one each in and

Twenty three accounts related to Sheikh Imran's business enterprises -- collectively known as Kehwah group -- have been declared as non-performing assets (NPAs) by the

Pervez Ahmed, the ousted of J&K Bank, is alleged to have granted loans to habitual defaulters and subsequently given huge remissions to such beneficiaries as 'bad debts'.

Interestingly, some of the beneficiary business units given huge amounts of remission as 'sick units and bad debts' have been publishing certified balance sheets showing profits.

The I-T raids carried out today are part of the cleansing operation involving J&K Bank's functioning, informed sources said.

In the past, RTI applications seeking details of bad debts, granting of loans way beyond the requirement of business concerns and other irregularities have been brushed aside by the Bank authorities asserting that does not fall under the purview of the state's RTI Act.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 11 2019. 17:34 IST