SRINAGAR: The Anti-Corruption Bureau registered on Monday a case against J&K State Cooperative Bank chairman M Shafi Dar for sanctioning a loan of Rs 223 crore in favour of a non-existent cooperative society named “River Jehlum Cooperative House Building Society” at Shivpora, Srinagar.
An ACB spokesman said its preliminary enquiry revealed that Dar, allegedly in connivance with officials of his bank and the loan beneficiary, had sanctioned the loan, allegedly fraudulently.
The bogus cooperative society was fraudulently shown as owned by one Hilal Ahmad Mir (beneficiary) of Srinagar’s Magarmal Bagh, the spokesman said.
“During the preliminary enquiry it was further revealed that the so-called chairman of the bogus society had moved an application to secretary, cooperatives, administrative department of cooperative societies, seeking directions to J&K Cooperative Bank Ltd for the grant of financial assistance of Rs 300 crore to take over possession of 300 kanals (37.5 acres) of land in Shivapora, on the outskirts of Srinagar, for the construction of a satellite township,” the ACB said.
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