Officials unearthed a loan fraud worth over Rs 177 crore in Jammu and Kashmir Bank. (Representational)

The Anti-Corruption Bureau (ACB) on Thursday registered a case and conducted raids after unearthing a loan fraud worth over Rs 177 crore in Jammu and Kashmir Bank in Jammu, officials said.

The ACB formally charged the management and officials of the bank along with the illegal beneficiaries involved in the financial irregularities, a spokesman of the ACB said.

Giving details, he said a joint surprise check (JSC) was conducted by the ACB, Jammu, on account of the allegations of financial irregularities committed by the officers of J&K bank, wherein it was revealed that various loan facilities were extended to proprietors of a partnership firm Messrs Paradise Avenue during the period 2012 to 2017 in contravention to the laid down norms of the bank, resulting in the loan accounts turning into non-performing assets.

It was found that the proprietors of the firm approached J&K Bank, Branch New University Campus Jammu, for availing loan facility of Rs 74.27 crores for setting up a residential township complex under the name of "Paradise Avenue" at Narwal in Jammu consisting of 52 flats in each of the towers named Eden and Zion, he said.