Chairman J&K Co-operative Bank booked for corruption

SRINAGAR: Mohammad Shafi Dar, chairman of the J&K State Co-operative Bank, has been booked on charges of corruption along with other bank officials by the Anti Corruption Bureau (ACB) of J&K. A press release issued by the ACB on Monday said that a Preliminary Enquiry (PE) conducted by the ACB found that the chairman of J&K Co-operative Bank, in connivance with officials and the beneficiary, sanctioned an amount of Rs 223 crore fraudulently in favour of a nonexistent Co-operative Society named “River Jhelum Cooperative Housing Building Society”, shown as owned/run by Hilal Ahmad Mir, s/o Kh. Sana-ullah Mir, r/o Magarmal Bagh Srinagar (Beneficiary). The ACB said that it was further revealed that Hilal Ahmad Mir had moved an application to the Administrative Department of Co-operative Societies, seeking directions to J&K Cooperative Bank Ltd for grant of financial assistance to the tune of Rs 300 crore for taking over possession of 300 kanals of land on the outskirts of Srinagar for construction of a Satellite Township. The application was endorsed to the Registrar Cooperative Societies J&K, the ACB said, adding that the J&K Cooperative Bank Srinagar sanctioned a loan to the tune of Rs 223 crores without obtaining the details of the society, including its Balance Sheet,

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