JAMMU :In Rs 5 crore loan scam, the Anticorruption Bureau Jammu has registered a case against Anoop Bhat then Branch Manager J&K Bank Residency Road, Vikram Malhotra and Aditya Malhotra both sons of former MLC Amrit Malhotra.
As per reports, the ACB during course of investigation in FIR No. 07/2020 registered against J&K Bank officials Anoop Bhat, then posted Branch Head J&K Bank Residency Road Jammu A/P posted CHQ J&K Bank Srinagar and others had scrutinize the term account of M/s A3 Infrastructures Pvt. Ltd (a sister concern Aditya Malhotra) revealed that a term loan of Rs. 5 crore was sanctioned vide reference No. JKB/ADV/RRD/JMU/. dated 24.07.2013 in favour of M/S A3 Infrastructure Pvt for construction of ware housing project with capacity 10,000/- MT at Sehora, Jammu.
On scrutiny of the account statement of the borrower having A/C No. 0076201030000004 it was revealed that whole loan amount was disbursed within span of seven months (i.e: J&K Bank Residency Road Anoop Bhat & other officials), the Bank in favour of M/S A3 Infrastructure Pvt. Ltd owned by Aditya Malhotra and his brother namely Vikram Malhotra (Promoters, Directors of the borrower company) and other balatant violation of all disbursement and pre-disburse conditions of the sanctioned loan.
During the course of enquiry it was revealed that maximum amount of loan was transferred into the account of M/S Ann Account, a sister concern of Aditya Malhotra from where the major portion of disbursed loan amount was withdrawn in cash.
It has also surfaced that despite disbursement of loan amount, no construction of godown was raised by M/S A3 Infrastructure Pvt. Ltd. resulting in cancellation of contract by FCI and consequently no rentals accrued in favour of the said firm and finally the loan account turned NPA, which resulted in huge loss of Rs. 5 crores to the J&K Bank.
By acting in the aforesaid manner the accused officers/officials of the J&K Bank have in furtherance of criminal conspiracy hatched with Aditya Malhotra and Vikram Malhotra, Promoters, Directors of M/S A3 Infrastructure Pvt. Ltd. and others, abused their official position and have thus conferred undue pecuniary advantage to the said beneficiaries thereby causing huge loss of Rs 5 crores to the J&K Bank.