Choksi Fraud: J&K Bank says will recover every penny – from Kashmir

Feb 23rd, 2018 | By | Category: Business, New

Srinagar : Refusing to be bogged down by the 121 cr rupees loan default by Gujrati businessman Mehul Choksi, the J&K Bank today said it has enough capability to recover the amount along with interest from Kashmiris.

“This is nothing. Just 2.33 percent of 5189 cr fraud,” Parvez Ahmed Nengroo JK Bank chairman said addressing a press conference at bank’s corporate office here. “The bank will tide over with the cooperation of people within the state.”

Finance minister Haseeb Drabu,  who was also present,  said people have to understand that the state based bank cannot afford to trace or keep track of the billionaire bank defaulters based outside the state.

“Recovery is a cumbersome exercise like searching insects and in the process there is every likelihood that elephants would escape,” Drabu explained. “Same has happened here. Bank as usual is after small fish within the state and we assure you not a single debtor  from state would be allowed to escape.”

Nengroo said host of people friendly extraction strategies like increase in service charges and  loan interest rates, and increase in over head costs would be used to recover the money, besides cutting on  power bills of ATMs.

Bank’s spokesman Sajjad Bazaz told Dapaan that Bank was thankful to Choksi as following his default, bank has increased Choksi (vigil).

“In a way we are thankful to Choksi, for now we have increased the Choksi (vigil) after he ran way,” Bazaz said. “You see for loans outside the state to billionaire parties there is a lot of competition and we can’t put in more hassles but we ensure you that in Kashmir for even minor loans we will make the process back breaking.”

Moreover, Bazaz said, the bank was ready to face the challenge with more and more advertisements of the chairman, for which the budget has been increased manifold.

“Instead of the earlier six days a week ads of our chairman addressing a function we will issue two ads every day of the chairman addressing two different functions – in two different cities.”

The wardrobe and itinerary of the chairman would also be made colourful, he said.

“We have had complaints that the chairman is seen in the same monochrome suit every day. So we will add colour to the suit and tie,” Bazaz said “We will try to ensure that the chairman is seen on front page of the newspapers everyday so that the people understand that the bank is strong”



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