Ex-Chairman favoured IFFCO Insurance to get annual salary package of over Rs 19 lakh for his relative
STATE TIMES NEWSJAMMU: Exposing another scandal wherein an insurance deal in violation of norms has been made by Jammu and Kashmir Bank with a company namely IFFCO TOKIO in which a close relative of former Chairman J&K Bank Parvez Ahmed Nengroo was employed resulting into undue benefits to the aforesaid company. The Anti-Corruption Bureau has registered FIR against the former chairman J&K Bank, officers/officials in IFFCO TOKIO General Insurance Company and others. According to ACB, a verification conducted into the matter revealed that J&K Bank had already entered into venture with PNB Metflife Insurance company for sale of its insurance products in the year 2000, followed by similar nature of venture with Bajaj Allianz Insurance Company for sale and distribution of its non life insurance products including health product in the year 2002. The ACB verification conducted into the matter revealed that due to the aforesaid insurance deal, the aforementioned beneficiary company has been conferred business of insurance in Srinagar and Anantnag at the cost of bank resources and that of Bajaj Allianz Company Ltd which was already in arrangement with J&K Bank since 2002. The initial probe further revealed that in the first quarter of financial year 2018-2019, that is April to June, J&K Bank received commission from Bajaj Allianz to the tune of Rs 159 lakh, whereas commission received from IFFCO TOKIO General Insurance Company Ltd for the first quarter of current financial year is to the tune of Rs 88 lakh only which is less by Rs 71 lakh, thereby a loss in the form of commission to J&K Bank Ltd has been caused. By resorting to the acts of favouritism and abuse of official position as Chairman J&K Bank in connivance with MD IFFCO TOKIO General Insurance Company, his relative Asif Manzoor Beigh was appointed in the said insurance company against annual salary package of Rs 19,28,886 which is approximately 2.5 times higher than that of the package given by Bajaj Allianz General Insurance Company where the accused beneficiary was functioning as Deputy Manager.
It is pertinent to mention here that the aforesaid accused beneficiary is serving as Chief Manager in IFFCO TOKIO General Insurance Company Srinagar office. In order to affect search of the office premises of IFFCO TOKIO General Insurance Company located at Chinar Complex Residency Road Srinagar Kashmir, a warrant was procured from the competent court of law. The search was conducted to seize incriminatory evidence related to the commission of the offence by the officers/officials of IFFCO TOKIO General Insurance Company Ltd.
These aforementioned omissions and commissions on the part of Parvez Ahmed Nengroo, the then Chairman J&K Bank Ltd in furtherance of conspiracy hatched with Officer/officials of IFFCO TOKIO General Insurance Company Ltd while executing an insurance deal with the aforesaid company in order to secure permanent appointment of his close relative Asif Manzoor Beigh in the aforesaid company and others at the cost of J&K Bank resources constitute criminal misconduct under J&K P C Act 2006 and thus disclose commission of offences punishable under Section 5(1) (d) read with 5(2) J&K Prevention of Corruption Act and Section 120B of the RPC. FIR 4/19 has been registered into the matter to investigate the scam.
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