Rs 223 Crore Bank Fraud: ACB Charges Ex-Registrar Cooperatives

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J&K Cooperative Bank

Srinagar: The Anti-Corruption Bureau (ACB) on Tuesday filed a supplementary charge sheet against two people, including former Registrar of Cooperative Societies in a whopping Rs 223 Crore loan fraud unearthed in J&K State Cooperative Bank Srinagar in March this year.

The ACB filed a supplementary charge sheet against the then Registrar of Cooperative Societies J&K Mohd Mujib- Ur-Rehman and his deputy Ashiq Hussain in the Rs 223 Crore J&K State Cooperative Bank loan Scam, an ACB spokesperson said Tuesday. He said both the accused were produced in the court when the charge sheet was filed.

“Both accused were remanded to judicial custody by the Court,” he said.

According to the Bureau spokesperson, the 223 crore scam was unearthed by the Bureau in March this year, involving many bank officials, including the ex-chairman Mohammad Shafi Dar and Hilal Ahmad Mir, the chairman of non-existent Cooperative Society named River Jhelum Cooperative house Colony at Shivpora Srinagar, who was arrested on May 18. The ACB has already filed a charge sheet against Dar, Mir and other accused on November 08.

He said that the lone to the tune of Rs. 250 Crores was sanctioned in favour of a non-existent society for the purposes of construction of a satellite Township at Shivpora Srinagar bypassing the credit policy of the bank and on the basis of false and fabricated documents

The ACB spokesperson further said that the investigation has further revealed that the then Registrar Co-operative Societies and his deputy had issued a letter to J&K State Co-operative Bank under the signature of the Registrar despite knowing fully well that such a society did not exist after checking all the relevant office records.

“On the receipt of said letter, loan to the tune of Rs. 223 crore was sanctioned in favour of the non-existent society by bank Chairman. Investigation has further established that the agenda items of non- existent society were also created on 23.01.2019 before the sanction and disbursement of loan to the tune of Rs. 223 Crores. The Bye Laws of the said society were created on 21.11.2019 fictitiously by the ex- Chairman of the bank,” the Bureau spokesperson said.

He added that the court has fixed November 23 as the next date of hearing the case.

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