CBI raids J&K Bank corporate office in Srinagar

Srinagar: Sleuths of the Central Bureau of Investigation (CBI) on Thursday carried out a raid at the corporate headquarters of J&K Bank in Srinagar city.

Sources said a CBI team, including a Superintendent of Police, four deputy superintendents and seven inspectors are part of the team that carried out searches at the Bank’s corporate headquarters.

Sources said Thursday’s CBI searches are focused on one-time loan settlements made by the Bank from 2012 to 2019.

One-time settlements are made by banks with defaulting borrowers to secure the interests of the financial institution.

Such settlements often involve huge remissions on accrued interest afforded by the financial institutions to the defaulting borrowers in order to protect the interests of the financial institutions to the maximum extent possible.