City industrialist caused ₹100 crore loss to J&K Bank: ED | Mumbai news

Mumbai: Nihar Garhwara of Garware Industries, who was appointed as the additional director of the Jammu and Kashmir Bank on the recommendation of the government of Jammu and Kashmir’s former chief minister Omar Abdullah, has been instrumental in making the bank more vulnerable. 100 crores, said the Directorate of Enforcement (ED).

The ED Prosecution complaint filed in Mumbai’s Special Court states that Garver admitted that former CM Abdullah was his friend during the investigation and that he had indirect control or authority over J&K Bank at the time of his appointment.

The firm had previously questioned Abdullah in the case, but his statement was not included in the prosecution’s complaint. “This is a legal matter under investigation and Omar Abdullah is fully cooperating with the investigating authorities,” said NC spokesman Imran Dar.

On March 22 this year, the ED was arrested on money laundering charges after the firm believed it was instrumental in buying the property for the bank in the BKC area in 2010. In return, the ED claims that Garware Tune has received a kickback 12.82 crores.

On November 11, 2021, the CBI filed its first case against Accruti Gold Builders and unknown persons on charges of corruption. It is alleged that the bank bought the property at a high price in Mumbai’s BKC in 2010.

The bank had announced in 2008 that it would invite parties to sell a 20000 sq. Ft. Integrated office complex for the bank in Bandra-Kurla. The bank has received applications from 25 builders and is low 25,000 per square foot.

On July 28, 2009, the bank received a letter from the M / S Ashapur Building 2,25,000 per square foot. The bank sat on the offer until January 2010, and then the bank announced another ad for the purchase of the place.

The CBI claimed in 2010 that the bank had purchased the entire building at a rate 26,000 per square foot and total area of ​​42,000 square feet. The board approved the purchase of the space. After negotiations, the property was purchased at a total cost of 63,776 square feet 26,000 per square foot for nine floors calculated at Rs 180.57 crores.

The ED alleges that the bank has ample space for operating the bank, zonal office and treasury and does not need to buy additional assets. ED claims that the first advertisement was issued to buy 20,000 square feet of land and then the bank bought 63,776 square feet of space.

“J&K Bank has purchased a building called Akruti Gold for its Zonal Office in BKC from M / S Vishal Techno Commerce Limited. 172 crores. Additional Director of the Bank, Nihal Garvare, was a member of the estate committee who decided to buy the building. The ED said in its complaint that it had been nominated to negotiate prices with the property seller.

In a complaint filed by the ED against Garware last month, “Garware is not a resident of the state of Jammu and Kashmir. At the time of his appointment, he was a Mumbai-based businessman. Her educational qualification is only a BA degree and has no experience working in any financial institution.

The ED claims that the investigation revealed that Garhware was appointed as an additional director on the recommendation of the government and was made a member of the estate committee on the same day it was appointed.

In a statement issued on April 20, Bank of India’s former President Haseeb Drabu said, “Garver’s name has been recommended to him by Devendra Singh Rana, the political adviser to the Jammu and Kashmir chief minister, over the phone.” And Kashmir – Omar Abdullah.

“Everyone on the board thought they knew what the market rates were in different places and they would be better equipped to negotiate if they came up with a corporate background in garware businesses,” Drabu said in a statement ahead of ED. .

The ED claims that Nihal’s statement acknowledged his close relationship with Abdullah, “His friend and the Chief Minister of Jammu and Kashmir had indirect control or authority over J&K Bank at the time of appointment.”

The ED said that Nihal Garhware had bought the property in Delhi with the money he received from the deal as a kickback.

“Viomesh Shah, the then M / s director. Vishal Techno Commerce Limited (Vendor) has proposed to pay Garware a check amount of satisfaction. Garware asked his chartered accountant, Bharat Shah, to arrange a unit for which checks could be issued by the vendor and read out his method of obtaining his satisfaction in cash, without receiving the cash, ”the ED prosecution reads the complaint.

The complaint states, “Bharat Shah has identified the name of M / s with the help of his friend Rakesh Doshi, CA and other Chartered Accountant friends. AMR Construction Limited is ready to accept Hyderabad checks and provide bogus invoices of the brokerage without providing brokerage services to the seller of the property.

In return the company offered the money in cash. “Shah and Garhware were receiving messages from Angadia in Mumbai regarding cash collection. He was providing note numbers and sh. Borker, employee of Nihal Garware to collect cash from various shopkeepers, ”ED complained.

Garware funded his CA through various housing entries in his various companies. Through these companies, they paid for the property they bought in Delhi.

Box:

The CBI, which had earlier filed a case in the case, sought permission from the court on Friday to question Garvare. Gerver is currently receiving treatment at Breach Candy Hospital. The court has instructed the authorities to first check with their doctor if they are in a good condition and then put them on trial.


Leave a Comment