Former J&K Bank chairman and managing director Parvez Ahmad Nengroo was arrested on Saturday in Srinagar in a case related to the illegal allotment of tenders of housekeeping to the SILA Company, “which resulted in a loss of crores of rupees to the bank”.
The ACB said it arrested Mr. Nengroo in an FIR lodged in 2020 in Srinagar.
According to the ACB, there was an illegal allotment of tenders by the bank to a Mumbai-based housekeeping company, SILA Solutions Pvt. Ltd. “by not following proper tendering norms as provided in the contract to the said firm despite not falling into the criteria of any such allotment”.
“Due to not following the proper tendering processes, improper ATM cleaning, undue addition of the management fee and other omissions and commissions were detected during the investigation. The J&K Bank has suffered losses worth crores from the date of the award of the contract,” the spokesman said.
The ACB claimed that Mr. Nengroo’s illegal appointments resulted “in a loss of more than ₹250 crore on account of salary paid to these illegal employees over the period”.
It said an investigation is still in progress.
