Central Bureau of investigation and the officials of Anti-corruption bureau Srinagar carried out searches at four different branches of J&K Grameen bank at Mirgund, Pattan, Khanpeth and the office of General General General Manager, J&K Grameen bank Sopore.

According to sources, the raids were carried out following complaints of embezzlement of Crores of rupees extended on the pretext of sanctioning Kisan cash credit (KCC) loans and Joint liability group (JLG) loans to non-existent individuals.

Sources said that the CBI and ACB teams seized incriminating documents and other related documents.

They said that the nexus between bank officials and private individuals (land mafia) involved in this large scale embezzlement and misappropriation of public money from last many years.

“The scam that has surfaced pertains to the period between 2017 and 2019. As a result, many arrests are expected in the coming days.”

While confirming the searches, Sudhir Gupta, Chairman of J&K Grameen bank and Syed Aadil Bashir, General Manager, Kashmir division of the J&K Grameen Bank, said that the ACB Srinagar conducted the said searches on Friday and they seized some documents.

They further added that bank officials also assisted these teams during the searches.