CBI booked Former Chairman,18 others in J&K Bank Loan Fraud

On Friday, the country’s elite investigation agency, the Central Bureau of Investigation booked former chairman of J&K Bank-  Mushtaq Ahmad Sheikh along with 18 others which includes the loan beneficiary, REI Agro chairman, Sanjay Jhunjhunwala, and vice president and managing director Sandeep Jhunjhunwala. All of them have been booked in a Bank loan fraud case. They are accused of granting loans worth 800 crores violating the guidelines. Earlier than CBI, the Anti Corruption Bureau of the Jammu and Kashmir was investigating the case and it in its initial probe found out that loans worth Rs 800 crore were sanctioned to the group on the basis of fake documents between 2011 and 2013 in violation of guidelines. Rs 550 crore was sanctioned by the Mumbai-based Mahim branch of the bank while the Vasant Vihar branch in Delhi had sanctioned Rs 139 crore.