JK Bank seizes properties of two alleged defaulters in Budgam

Jammu Kashmir Bank Wednesday seized the property of two alleged defaulters in two villages of Central Kashmir’s Budgam district.

Bank sources told that an authorized officer from the Jammu and Kashmir Bank accompanied by Naib Tehsildar Sholipora Shabir Ahmed Ganaie and a police party seized the property of Muhammad Jaffar Hajam at Labertal village of Budgam. As per the Bank, the said defaulter has failed to repay the loan amount worth Rs 25 lakh.

The team also seized the house of a borrower Feroz Ahmed Var at Nendwanpora Budgam.

Bank sources said that security guards were deployed outside these houses after the seizure of the properties.

When contacted, a top official from Jammu and Kashmir Bank said that this is a common occurrence in Jammu and Kashmir after implementing the Securitisation and Reconstruction of Financial Assets and Enforcement Security Interest Act.