Khan Mudasir
Srinagar June 4(KINS): Mohd Shafi Dar, Ex-Chairman, J&K Co-operative Bank Ltd who was arrested by Anti Corruption Bureau on Wednesday in Rs. 223 crore bank loan fraud was brought to TRC Srinagar for sample collection of COVID-19 testing.
An official told news agency KINS that officials of ACB brought Shafi to TRC Srinagar where his sample was collected for COVID-19 testing. However, the ACB officials did not allow him to speak to the media. He was arrested by the ACB on Wednesday.
A preliminary inquiry (PE) was conducted by the Anti Corruption Bureau, Jammu on the allegations that the Chairman of in connivance with the officials/beneficiary of a non-existent Co-operative House Building Society had sanctioned an amount of Rs. 223 crores fraudulently in favor of the said non-existent Co-operative Society under the name and style of a “River Jhelum Co-operative House Colony at Shivpora Srinagar” shown/run by one Hilal Ahmad Mir S/O Kh. Sana-Ullah Mir R/o Magarmal Bagh Srinagar (Beneficiary).
As per the ACB statement during PE, it was further revealed that the so-called Chairman of the said Society has moved an application to Secretary Cooperatives, Administration Department of Co-operative Societies, where under he sought directions to the J&K Co-operative 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 a 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 Co-operative Bank Srinagar sanctioned a loan to the tune of Rs. 223 crores without adhering to 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 Resolutions, etc.”
During enquiry, the ACB said it was also surfaced that River Jhelum Cooperative House 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 Co-operative Bank Srinagar and others had prepared a fake and fictitious Registration Certificate in the name of Society and managed the sanction of loan to the amount of Rs. 223 crores,” the ACB said.
“The above-mentioned acts of omission and commission on the part of Mohammad Shafi Dar Chairman J&K State Cooperative Bank, Raj Bagh, Srinagar, and others in conspiracy with Hilal Ahmad Mir S/o Sana-Ullah Mir R/O Magarmal Bagh, Srinagar constitute and offenses 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, FIR No. 04/2020 P/S ACB was registered and an investigation was taken up.”
“During the investigation, it has been found that the so calleoffensesy has not been registered with Registrar Co-operative Societies J&K. Accused Hilal Ahmad Mir had managed to get issued a fake and fictitious Registration certificate bearing Registration No. ARK/SS/3, dated 31.03.was taken and on the basis of that fake and fictitious Certificate of Registration loan to the tune of Rs. 223 crores were sanctioned in favor of the non-existent society without adhering to the codal formalities and without any proper security. The loan amount was disbursed into the accounts of the landowners but the land has not been mortgaged to the bank. Further, an investigation conducted by the Bureau has been successful in unearthing the siphoned out funds to the tune of Rs. 223 crores and amount to the tune of Rs. 187 Crore has been frozen by ACB.
During the investigation the one accused namely Hilal Ahmad Mir S/o Sanaullah Mir R/o Magarmal Bagh, Srinagar, Chairman of the Jhelum Cooperative House Building Society was arrested on 14-05-2020 to affect the recovery of documents required in the case which are purportedly lying in their possession and the also to unearth the modus operandi, and the end-use of funds and quid pro quo if any obtained,” the ACB said. (KINS)
