Rs 223 Cr Fraud: HC Grants Bails To Ex-Chairman J&K Cooperative Bank

SRINAGAR: The Jammu and Kashmir High Court Wednesday granted bail to Mohammad Shafi Dar, ex-Chairman of J&K State Co-operative Bank Ltd in the Rs. 223 crore loan scam.

Dar was represented by Advocate Tasaduk Khwaja who was assisted by Faizan Nazir while Bashir Ahmed Dar Sr. AAG appeared on behalf of the Union Territory of J&K.

A single-judge bench comprising Justice Sindhu Sharma noted the fact that the money taken from the bank was paid to the owners of land, who executed a power of attorney in favour of the Chairman of the Jhelum Co-operative Society.

The High Court further noted that the investigation in the matter was complete in respect of Dar, including the filing of the charge sheet and supplementary charge sheet, and accordingly, the custody of Dar was not required.

The High Court has granted the bail subject to the furnishing of a personal bond as well as a surety bond to the tune of Rs. 50,000 each to the satisfaction of the Registrar Judicial of the High Court of Jammu & Kashmir at Srinagar.

While granting the bail, the court has imposed certain conditions also. He has been asked to cooperate with the investigation as and when required, not hamper or tamper with the prosecution witnesses or evidence and that he will appear before the Trial Court on each and every date of hearing unless exempted by the Court concerned and that he shall not leave the territorial jurisdiction of this Court without prior permission.