Jammu Kashmir (J&K) Bank on Wednesday seized the properties of two alleged defaulters in two villages of Budgam district.
Bank sources told news agency Kashmir News Trust that an authorized officers 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.
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The said defaulter as per the Bank 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 after the seizure of the properties, security guards were deployed outside these houses.
When contacted, a top official from Jammu and Kashmir Bank said that this is a common occurrence in Jammu and Kashmir after the implementation of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. (KNT)