JK Bank loses over a 1000 Cr to frauds, 11 involved employees yet to be terminated

Jammu and Kashmir Bank has lost Rs. 1157.84 crore to 41 frauds during the last four years from 2013-14 to December 2016. However, the bank has started to regain its lost ground since the day new chairman Parvaiz Ahmed has taken the charge, reports a local daily.

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In the year 2013-14, the Bank lost Rs. 66.2 lakh in 7 cases of fraud involving several VVIPs and 3 bank employees. This was followed by Bank losing another Rs. 86.6 Lakh to 14 banking frauds involving 6 employees of the bank, whose identity has been kept secret by the top management of the bank, says the RBI document. During the current financial year, the bank has lost around Rs. 239.69 crore to the frauds with just 2 employees being allegedly involved in this huge fraud.


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