Thursday 14th May, 2026
Srinagar, Jul 23: The Anti Corruption Bureau (ACB) has filed a case against former Jammu and Kashmir Bank chairman Parvez Ahmed Nengroo for his alleged role in securing an insurance deal to a company in violation of the norms to benefit his relative.
An ACB spokesperson said that a source report received by the bureau revealed that a insurance deal in violation of norms has been made by J&K Bank with one company namely, IFFCO TOKIO in which close relative of Mr Nengroo is employed, resulting into undue benefits to the said company.
“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,” he said.
He said the verification conducted into the matter revealed that due to the said insurance deal, the said 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,i.e, 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,” he said.
He said by resorting to the acts of favoritism and abuse of official position as Chairman J&K Bank in connivance with MD IFFCO TOKIO General Insurance Company, his relative Asif Manzoor Beig 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 said accused beneficiary is serving as Chief Manager in IFFCO TOKIO General Insurance Company Srinagar office. In order to effect 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,” he said.
He said the aforementioned omissions and commissions on the part of Mr Nengroo in furtherance of conspiracy hatched with Officer/officials of IFFCO TOKIO General Insurance Company Ltd while executing an insurance deal with the said company in order to secure appointment of his close relative and others at the cost of J&K Bank resources constitute criminal misconduct under J&K P C Act 2006. “Case FIR No 14/2019 stands registered in PS ACB Srinagar into the matter and investigation is going on,” he added.