New Delhi/Srinagar: The Anti-Corruption Bureau (ACB) on Tuesday said it had registered a case against sacked Jammu and Kashmir Bank chairman Parvez Ahmad Nengroo, his relative Asif Mansoor Beigh and others for signing an insurance deal on the bank’s behalf with IFFCO TOKIO in violation of norms.
The ACB said it has also carried out searches at the IFFCO TOKIO premises in Srinagar and seized several incriminating documents.
According to the ACB statement, Nengroo, as chairman of J&K Bank, on 13 February 2019 signed an insurance deal with IFFCO TOKIO, in which his close relative Beigh was employed, giving undue benefits to the company.
Investigation revealed that J&K Bank had in 2000 entered into a venture with PNB Metlife Insurance company for the sale of its insurance products, and then in 2002 tied up with Bajaj Allianz Insurance Company in a similar venture for sale and distribution of its non-life insurance products, including health product. (IANS)