how do you do,good morning, this session will be discussed aboutinsurance frauds in india Anti-corruption body finds insurance fraud in J&K Bank see more.
According to the report, the J&K Bank made an cover deal with IFFCO Tokio which violated the bank norms. Further, a near relative of previous chairman of J&K Bank Parvez Ahmed Nengroo is in work with IFFCO Tokio, resulting in undue benefits to the said company.
An cover fraud has been revealed in the Jammu and Kashmir Bank. (Photo: ANI)
An cover fraud has been revealed in the Jammu and Kashmir Bank with an cover company called IFFCO Tokio, according to a source report received via the Anti Corruption Bureau (ACB).
According to the report, the J&K Bank made an cover deal with IFFCO Tokio which violated the bank norms.
Further, a near relative of previous chairman of J&K Bank Parvez Ahmed Nengroo is in work with IFFCO Tokio, resulting in undue benefits to the said company.
Following an investigation, it was revealed that the J&K Bank had entered into a venture with PNB Metflife Insurance company for marketing of its cover products in 2000, followed via a uniform venture with Bajaj Allianz Insurance Company for marketing of its non-life cover products in 2002.
It was further revealed that due to the cover deal with IFFO Tokio, the company had been conferred business of cover in Srinagar and Anantnag at the cost of J&K Bank resources and that of Bajaj Allianz company which was already in arrangement with the bank since 2002.
The initial probe found that in the first quarter of the financial year 2018-2019, J&K Bank received commission from Bajaj Allianz to the tune of Rs 159 lakh.
On the other hand, the commission received from IFFCO Tokio for the first quarter of current financial year was to the tune of Rs 88 lakh.
The lot is less via Rs 71 lakh, resulting in a loss in the form of commission to the J&K Bank.
The Bank's previous chairman Parvez Ahmed Nengroo also abused his official position via scheming with IFFCO Tokio and appointed his relative Asif Manzoor Beig in the said cover company against an annual salary package of Rs 19,28,886.
The package was approximately 2.5 times higher than that of the package given via Bajaj Allianz General Insurance Company where the accused beneficiary was functioning when deputy manager.
A warrant was arranged and the office premises of IFFCO Tokio placed at Chinar Complex, Residency Road in Srinagar was searched to seize incriminatory evidence related to the commission of the wrong via the officials of IFFCO Tokio.
An FIR with No 14/2019 was registered in PS ACB Srinagar and the matter is under investigation.
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This information is posted on tag , the date 01-09-2019, quoted from GOOGLE Searcing https://www.indiatoday.in/india/story/anti-corruption-body-insurance-fraud-j-k-bank-1572382-2019-07-23
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