Government Initiates Inquiry Against J&K SCARD Bank’s Managing Director.

||Black and White Digital News||

||Tejveer Singh June 23, 2024||

Jammu — The corridors of power in Jammu and Kashmir reverberated with tension as the state government took decisive action against the Managing Director (MD) of the Jammu and Kashmir SCARD Bank Limited. An inquiry has been ordered to investigate serious allegations leveled against the banker.

The Allegations:

The MD, Shabana Buch, faces a litany of complaints. These grievances, shrouded in secrecy, have prompted the government to appoint Mohammad Shafiq Chak, Registrar Cooperatives, as the Inquiry Officer. Chak’s task: to delve into the murky depths of the bank’s operations and uncover the truth.

The Inquiry Process:

Chak’s appointment comes with a sense of urgency. Within the next month, he must submit a comprehensive report detailing the allegations, evidence, and any irregularities found during the investigation. The stakes are high, and the public demands transparency.

MD’s Status During the Inquiry:

As the inquiry unfolds, the MD of SCARD Bank Limited will remain attached to the Managing Director of the J&K State Cooperative Bank Limited in Srinagar. Meanwhile, the Administrator of SCARD Bank Limited will temporarily assume the MD’s responsibilities.

A Bank Under Scrutiny:

SCARD Bank Limited, once a trusted financial institution, now grapples with uncertainty. The government’s move underscores the gravity of the situation and sends a clear message: accountability prevails, even at the highest echelons of banking.

As the inquiry progresses, the fate of the MD hangs in the balance. Will justice prevail, or will the shadows of suspicion deepen? Only time—and Chak’s meticulous investigation—will reveal the truth behind the closed doors of SCARD Bank.