& Others for sanctioning loan in favour of non-existent co-operative society: Searches Conducted
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.