Anti Corruption Bureau, J&K register a case vide FIR No. 17/2019 u/s 5(1)(d) read with section 5(2) J&K P.C Act Svt. 2006, 120-B RPC at P/S ACB (CK) against management, officers & officials of the J&K bank alongwith beneficiary involved in financial irregularities/loan fraud worth 352.72 crores of rupees and also conducted searches at residential premises and office of Anish Mohd Rawther, Promoter Director/ Managing Director M/S S.A Rawther Spices Pvt Ltd at Bengaluru. During verifications, it came to fore that management at the corporate headquarters/ Zonal Office Bengaluru and officers/officials of J&K Bank Branch Infantry Road Bengaluru which has given loans worth crores of rupees to one firm namely M/S S.A. Rawther Spices Pvt. Ltd by passing all norms and procedures. During the course of verification, it came to fore that M/S S.A Rawther Spices Pvt Ltd was established by one Syed Mohd Rawther in year 1985 and was dealing in import and export of spices and coffee. During year 2002 said company approached J&K Bank Branch Infantry Road Bengaluru for obtainment of loan from said bank and the bank initially sanctioned loan amount of Rs. 2.00 crore against collateral security of three properties valued at Rs 10.00 crore. In the subsequent years i.e. from 2012 onwards the bank increased limits of different types of loans enormously which arose upto Rs 308.13 crore in 2015 against increased mortgage/security value to Rs.147.43 crore only. One Shamim Ahmed Haji S/O Abdul Gani Hazi R/O Iqbal Nagar Sopore Kashmir, then Branch Head of J&K BU Infantry Road Bengaluru processed and facilitated approval by J&K Bank headquarters against collateral property highly disproportionate to the loan amount. The loan amount of Rs. 308.13 crore. was increased by passing all norms/safe guards laid down by the J&K Bank. The company failed to repay loan on regular interval and when account of said firm was declared NPA in September 2017, net amount Rs 285.81 cr. is outstanding with the company besides unapplied interest of Rs 66.91 cr. against mortgaged collateral property valued at Rs 171 cr. During the same period said firm has also borrowed Rs 16.5 Cr from HDFC Bank and 25.00 Cr from RBL Bank and has provided mortgage to said banks against the property already mortgaged to J&K Bank Ltd. During his period of posting as Branch Head Shamim Ahmed Haji has also processed the file for withdrawal of 03 Nos. of prime properties i.e Shopping complex at Yashwant pora ; Industrial property at Gorur and 04 Acre of land adjacent to Hindpur and exchanged these properties with new properties such as village Sagu land and abandoned coffee estate located at village Virajpet having less market value. But then Branch manager in connivance with MD of company Anish Mohd Rawther managed to valuate these exchanged properties at higher price justifying the release of prime properties valued higher than exchanged properties. Though the bank has taken action under SARFAESI act and had tried to auction two properties but has not recovered a single penny so far of these over valuated properties. By this way officers and officials of J&K bank in connivance with promoter/director of M/S S.A Rawther Spices Private Ltd has caused loss to state exchequer to the tune of Rs 352.72 cr. Since the facts and the circumstances which have emerged during verification vis-a-vis scrutiny of records of the bank disclose commission of criminal misconduct by bank management at Corporate HQ Srinagar/officers/officials then posted at Zonal Office Bengaluru/BU Infantry Road and Mohd Anish Rawther Promoter Director of the beneficiary firm M/S S.A Rawther Spices Private Ltd and others, a case FIR No.17/2019 is registered in P/S ACB (CK) against Shamim Ahmed Haji S/O Abdul Gani Hazi R/O Iqbal Nagar Sopore Kashmir, then Branch Head of J&K BU Infantry Road Bengaluru, officers /officials of J&K Bank posted at Corporate Headquarters Srinagar /Zonal Office Bengaluru, Promoter Director of beneficiary company M/S S A Rawther Spices Pvt Ltd. namely Anish Mohd Rawther. During investigations, team of ACB J&K obtained search warrants from the Anti-Corruption Court Srinagar which was got endorsed by concerned courts in North Benguluru and thereafter conducted extensive searches at the residential premises and office of Mohd Anish Rawther Promoter Director of the beneficiary firm M/S S.A Rawther Spices Private Ltd in assistance with local police and magistrate/ independent witnesses, during the searches various incriminating documents / electronic evidences were recovered and seized by the team. Further investigations are going on.
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