JUDGMENT

1) The petitioners have challenged FIR No.14/2019 for offences under Section 5(1)(d) read with 5(2) of J&K Prevention of Corruption Act and Section 120-B RPC registered with Police Station, Anti-corruption Bureau (CK), Srinagar.

2) As per the impugned FIR, on the basis of a source report, verification was conducted by Anti-corruption Bureau to look into the allegations that the Jammu and Kashmir Bank had made an insurance deal with M/S IFFCO TOKIO General Insurance Company Ltd. in violation of norms and in consequence whereof, a close relative of former Chairman of the J&K Bank has been employed in M/S IFFCO TOKIO General Insurance Company Ltd. It was alleged that the J&K Bank Ltd. had entered into an agreement with M/S IFFCO TOKIO General Insurance Company Ltd on 12.02.2019 to facilitate appointment of one Asif Manzoor Beigh, son-in-law of sister of former Chairman of the J&K Bank, Shri Parvez Ahmad.

3) Upon verification, it was found that prior to execution of agreement between the J&K Bank Ltd. and M/S IFFCO TOKIO General Insurance Company Ltd, Shri Asif Manzoor Beigh was working as Deputy Manager in Bajaj Allianz General Insurance Company Ltd on an annual sa