Srinagar, June 11 (TIWN) Close on the heels of raids by the Anti-Corruption Bureau (ACB) at the corporate headquarters of J&K Bank in Srinagar, of the Income Tax (I-T) Department on Tuesday raided 10 business premises of Srinagar Deputy Mayor Sheikh Imran who owes Rs 120 crore to the bank.

Informed sources said the I-T officials raided eight business premises of Sheikh Imran in Srinagar and Jammu and one each in Delhi and Bengaluru.   Twenty three accounts related to Sheikh Imran's business enterprises -- collectively known as Kehwah group -- have been declared as non-performing assets (NPAs) by the Bank. 

Pervez Ahmed, the ousted chairman of J&K Bank, is alleged to have granted loans to habitual defaulters and subsequently given huge remissions to such beneficiaries as 'bad debts'.  Interestingly, some of the beneficiary business units given huge amounts of remission as 'sick units and bad debts' have been publishing certified balance sheets showing profits.