ACB raids residences of Bank Manager, former Apni Party leader Vikram Malhotra, his brother; FIR registered

Rs 5 Crore loss to J&K Bank

STATE TIMES NEWS

JAMMU: The Anti Corruption Bureau (ACB) Jammu has registered an FIR against Anoop Bhat, the then Branch Manager J&K Bank Residency Road, former Apni Party leader Vikram Malhotra and his brother Aditya Malhotra for causing loss of Rs 5 Crore to the J&K Bank.
Simultaneous raids were also conducted in the residences of the three accused in Jammu. Incriminating documents seized during the raids have been seized and are being scrutinized in detail.
According to FIR 12/2022, during the investigation of FIR (07/20) registered against J&K Bank officials namely Anoop Bhat, the then Branch Head J&K Bank Residency Road Jammu at present posted at CHQ J&K Bank Srinagar and others, scrutiny of the term account of M/S A3 Infrastructures Pvt. Ltd (a sister concern Aditya Malhotra) revealed that a Term Loan of Rs. 5.00 Crore was sanctioned vide reference No. JKB/ADV/RRD/JMU/. dated July 24, 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 Account Number 0076201030000004, it was revealed that whole loan amount was disbursed within span of seven months (J&K Bank Residency Road Anoop Bhat and 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 others with blatant violation of all disbursement and pre-disburse conditions of the sanctioned loan.
Under the political clout, the accused brothers hatched a conspiracy to cheat the bank.
Before joining Apni party in June 2020, Vikram Malohtra was general secretary in J&K Pradesh Congress Committee. This year in June, he resigned from Apni Party also. Nowadays , there are rumors of his joining BJP or DAP, newly formed political party.
Meanwhile, according to ACB, 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of M/S Ann Account, a sister concern of Aditya Malhotra from where the major portion of disbursed loan amount was withdrawn in cash.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. 5.00 Crore to the J&K Bank.
By acting in the aforesaid manner the officers/officials of the J&K Bank namely Anoop Bhat, then posted as Branch Head J&K Bank Residency Road Jammu at present posted at CHQ J&K Bank Srinagar and others 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 5.00 Cr to the J&K Bank.
Upon this, ACB has registered another FIR 12/2022 under section 5(1) (d) r/w section 5(2) of J&K PC Act Svt 2006 and Section 120-B RPC.