Srinagar, Apr 3 (IANS): The anti-corruption bureau (ACB) arrested former chairman of J&K Bank, Parvez Ahmad Nengroo on Saturday in connection with a tender fraud case.
Sources said the ACB arrested Nengroo in connection with a case of awarding tenders of housekeeping to a Mumbai-based company by allegedly not following proper norms, thereby causing a loss of Rs. 6,29,56,575 to the bank.
"The case against Nengroo and four others was registered in October last year on the allegation that the officers of J&K Bank had awarded tenders of housekeeping to a Mumbai-based company by not following proper tendering norms and that has caused the bank a loss of Rs. 6,29,56,575.
"A team of ACB Kashmir raided Nengroo's residence in Srinagar today and arrested him in the case", sources said.