Srinagar LS candidate Nisar Ahangar “reminds” voters of destruction caused to J&K’s prime institutions by traditional political parties

Srinagar :  Institutions of pride of Jammu & Kashmir became green pastures for the ruling parties, which left the region struggling on the economic front in the last seven decades. They filled their coffers while in power and burdened the state exchequer on one pretext or the other. During the course, they misused the prime institutions of the state to satiate their hunger for meeting their own ends.

This is stated by the Lok Sabha independent candidate for srinagar constituency, Nisar Ahangar, in a statement issued to the press today. He accuses frontline political parties, National Conference, Congress and Peoples Democratic Party, for the plight of the state subjects and ruining J&K’s prime institutions by driving and promoting corrupt practices.

“Among the most hit prime J&K institutions is the Jammu & Kashmir Bank, which used to be the backbone of the economy of the state, but lost its glory to the malpractices at the hands of those who were supposed to protect and promote this institution. The bank was the biggest success story of the state which negotiated over three decades of bloody turmoil to emerge as the ambassador of the state. but this institution of economic excellence faced the wrath of the political leadership of  these political parties (National Conference, Congress and Peoples Democratic Party) and siphoned public money systematically through bad loaning, dubious business contracts, illegal recruitments, real estate deals etc. A chairman of their choice was always at the top to serve their vested interests,” said Nisar Ahangar in his handout to the media.

He said, “The bank has declared a profit of Rs.1700 crore for the last financial year. But if we look at the previous records, it becomes clear that the profit of the bank should have been Rs17000 crore, had bad loaning practices, favoritism and nepotism not been run and promoted by the top management, including its board members in the past under NC, Congress and PDP regimes.” 

“Criminal cases against three of its previous chairmen and some board members since 2005 appointed by the ruling parties (NC, Congress and PDP) for their fraudulent operations as head of the bank is enough to understand the nefarious designs of these political outfits,” said Ahangar.

He alleged that some directors have derived financial benefits through their proxy companies as well as also drawing hefty sums through so called taxation consultancy etc. it is also alleged that few directors on the board of the bank are directly interfering in the day to day operations in various departments. This all violates codes of conduct as binding on Board members. 

Quoting some documentary evidence he stated that a Mumbai based director of the Bank, Nihal Chandrakant Garware, has been instrumental in siphoning of crores of rupees from the bank through a controversial property deal. This has earned him a name as a corporate broker of Mumbai. Pertinently, Nihal Garware projected himself as a close confidant of the then Chief Minister Omar Abdullah. 

“This high flying director from Mumbai was suspected of charging commission of 2 to 5 per cent for piloting and securing sanctions from the board in corporate loans,” said Ahangar.

“One of the chairman of the bank openly served as proxy of the PDP government & made back door appointments, most of them were allegedly relatives and friends of PDP top brass. This not only  created bad governance in the bank but also promoted an atmosphere of corruption in the society, which  made the talented youth of the JK  hopeless. These kinds of officials were responsible for creating a mess in the society & forcing the youth of the valley to stage protests ,” said Ahangar.

“I assure people that I will leave no stone unturned to restore the glory of J&K’s prime institutions so that the benefits of their successful operations reaches to every stakeholder,” he said.

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