The
income tax department has stumbled upon
evidence of
loan ever-greening by the J & K Bank during a
search operation on a Srinagar-based business group dealing in transportation, manufacturing of silk yarn, hospitality and retail trading of
Kashmir Arts & Crafts.
The department has also detected evidence of a on time settlement of the group's loan being done through active connivance of a senior J & K Bank official, an official statement said late Tuesday.
The group had got their loans worth Rs.170 crore restructured for an amount of Rs 77 crore out which payment of only Rs 50.34 crore has been made.