Shortly after the Anti-Corruption Bureau (ACB) registered an FIR and launched investigations into complaints of corruption and nepotism against top functionaries of the J-K Bank, the Income Tax (IT) department on Tuesday raided 10 business premises of the deputy mayor of Srinagar, Imran Sheikh, whose 23 accounts with the Bank were declared non-performing assets.

Pervez Ahmad, who has been sacked from the post of chairman and MD of the Bank, is being accused of having indiscriminately sanctioned loans to influential people.

The IT officers simultaneously raided eight premises of the Kehwah group in J-K, and one each in Delhi and Bengaluru.

The Kehwah group, with Imran as its chairman, is facing default proceedings after 23 of its accounts with the J-K Bank were declared non-performing assets for dues of over about Rs 120 crore.

Sources said that the IT Department suspects wrongdoings and alleged financial irregularities and hence raids are being conducted to obtain further leads, evidence and documents.

In the Kashmir Valley, the searches are being conducted in Srinagar’s downtown Bohri Kadal area and seven other nearby locations.

Meanwhile, the demand is growing for bringing the Bank in public domain by putting it under the RTI.