ACB J-K registers case against Chairman J-K Co-operative Bank

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On the outcome of Preliminary enquiry (PE) conducted by Anti Corruption Bureau, it surfaced that Chairman J&K Co-operative Bank Ltd.  in convenience with officials/ beneficiary has sanctioned an amount of Rs. 223.00 Crores fraudulently in favour of  nonexistent  Co-operative Society under the name and style of “ River Jehlem Co-operative  house Colony  at Shivpora Srinagar” shown  owned /run by one Hilal Ahmad Mir  S/o Kh. Sana-ullah Mir R/o Magarmal Bagh Srinagar  (Beneficiary).

2.     During PE it was further  revealed  that the so called Chairman of the said society has moved an application to Secretary Cooperatives, Administrative Department  of Co-operative Societies, where under he  sought directions to J&K Cooperative Bank Ltd for grant of financial  assistance to the tune of Rs. 300.00 Crores  for taking  over possession of 300 Kanals of land  located in the outskirts of Srinagar  for construction of Satellite Township. The application was endorsed to Registrar Cooperative Societies J&K  for taking up the matter with Jammu and Kashmir State Cooperative Bank. Accordingly  J&K Cooperative  Bank Srinagar  Sanctioned Loan to the tune of Rs. 223 Crores  without  adhering any codal formalities, i,e. obtaining the details  of the Society Viz. Balance Sheet, Profit  and loss Account business, activities being done by the Society, PAN No. Income Tax return, details of Construction of the Board, Board Resolutions, etc.

3.     During  Enquiry it also surfaced  that River Jhelum  Cooperative Housing Building Society  has not been even  registered with Registrar Co-operative Societies,  J&K . The  Chairman of the So Called River Jhelum Cooperative  House Building  Society Ltd. Hilal Ahmad  Mir S/o Sana-ullah  Mir R/o Magarmal Bagh,  Srinagar by acting in league with Chairman of J&K  Cooperative Bank Srinagar and others, has prepared fake and fictitious  registration certificates and managed the sanction of  loan amount  to the tune of Rs. 223 Crores..

4.     The above mentioned  acts of  omission and commission  on the part of Mohammad Shafi Dar Chairman  J&K State Co-operative Bank  Raj Bagh  Srinagar and others in conspiracy with Hilal Ahmad  Mir S/o San-ullah Mir R/o Magarmal Bagh , Srinagar constitute  the  offences punishable U/S 5(1)(d) r/w Section 5(2) P.C Act and Sections 465,467,468,471, 120-B  RPC, resulting in loss of Rs. 223 Crores  to the Bank.  Accordingly case FIR No. 04/2020 P/S ACB  was  registered and investigation taken up.

5.     During the course of investigation residential houses /offices of the accused persons were  searched by the teams of ACB Kashmir in pursuance to Search Warrants issued by  the Hon’ble Court. The documents etc so seized from the said  houses /offices are being perused/scrutinized.

6. The investigation of case is going on.

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