EDB refutes claims of embezzlement of public money

Pulwama, Feb 21: Amid controversy surrounding allegations of embezzlement at a branch of the Ellaquai Dehati Bank (EDB) in Tral, the Chairman of EDB has strongly denied these accusations that recently surfaced in certain media reports.

The EDB has made it clear that the public money is safe in the bank and "shall remain insulated at all costs".

Fayaz Ahmad, Chairman of EDB in a statement said that such claims and statements circulated in videos on social media are baseless.

"As far as the said branch is concerned, some irregularities have been pointed out during a routine inspection at the branch and the same are under investigation," reads the statement.

The statement said that during the initial investigation, it was found that the erring official had created some dummy loan accounts but timely action by the bank has resulted in thwarting any misuse of public money.

According to the statement, the said official has been suspended and an FIR vide FIR No 13/2024 dates 17. 2. 2024 at Police Station Tral.

The chairman in the statement said that the bank would like to reiterate that no customer account has been compromised and the money of all the customers is safe with it.

"Elaqui Dehati Bank is a public financial institution and the safety/ security of public money is of utmost importance to us and shall always remain so. We would like to assure you that the money of our customers is safe with us and shall remain insulated at all costs. The bank is aware of its responsibility as a responsible financial organisation and shall protect the interests of its customers at all costs," reads the statement.