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| Income Tax Deptt conducts raids on Sheikh Imran's business premises | | | Jehangir Rashid
Early Times Report
Srinagar, June 11: The Income-Tax Department today initiated probe into the alleged irregularities and conducted searches at 10 premises on the business firm of Deputy Mayor, Sheikh Mohammad Imran.
The action was taken within days of Anti-Corruption Bureau action against Jammu & Kashmir Bank.
Reports said that sleuths of Income Tax department raided eight premises in Srinagar and one each in Delhi and Bengaluru of the Kehwah group, promoted by Imran. In Kashmir the searches were conducted in the Bohri Kadal area of downtown Srinagar and seven other nearby locations.
Officials said the action is linked to the recently unearthed alleged irregularities in the bank's affairs and the raids conducted by the state anti-corruption bureau (ACB), they said. They alleged that the Kehwah group, with Imran as its chairman, is facing default proceedings after 23 of its accounts with the J-K Bank were declared non-performing assets for dues of over about Rs 120 crore.
The I-T Department suspects wrongdoings and alleged financial irregularities and hence raids are being conducted to obtain further leads, evidence and documents, the officials said. The action comes in the backdrop bank's chairman Parvez Ahmad being removed after charges of alleged involvement in corruption, nepotism and favouritism were reported against him. Referring to the ACB proceedings against Ahmad, a government official said that the investigation into alleged backdoor of appointments, "irregularities, loot and plunder" is intended to cleanse the system at the bank. The state government holds 59 per cent stake in the J&K Bank.
After his removal, Ahmad in a Twitter post said he has absolutely no regret over his work and that he did his job "most diligently, honestly and in the best interest of the institution". Loans worth hundreds of crores were allegedly allotted without formalities in "brazen violation" of Standard Operating Procedures or guidelines to select proposed recommendation of two politicians, the official had said.
In the meantime, Imran whose offices were raided by the Income Tax Department on Tuesday said that he will cooperate with the department in its investigation.
"I am fully supportive of all investigations to ensure transparency and adherence to income tax laws. I extend my full cooperation to the Income Tax Department. I'm a law abiding businessman and will continue to ensure the laws are upheld," Imran said.
Imran's private offices in Sangarmal Shopping, Bohri Kadal in downtown and Nowgam were raided by the income tax department sleuths today and confiscated some documents. |
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