Srinagar- The High Court of J&K and Ladakh has granted bail to former J&K Co-operative Bank chairman Mohammad Shafi Dar, nearly eleven weeks after he was arrested by Enforcement Directorate in an alleged money laundering case involving Rs 233 crore.
Having reserved its verdict on January 15 this year, a bench of Justice Rahul Bharti granted bail to Dar, observing that he has ceased to be the chairman of J&K State Cooperative Bank since 2020 and as such that denudes him from any position to influence any aspect relatable to the case.
In addition, the court said, Dar’s sickness is also a ground persuading it to grant him bail.
“The court of Special Judge Anti-Corruption (CBI cases) Srinagar, brushed aside the aspect of matter with respect to reported sickness of the petitioner (Dar) saying that the heart related medical condition of the petitioner can be investigated even when the petitioner is suffering arrest custody. There is no denying the fact that the petitioner (Dar) is 63 years old person and at this stage of life any health deteriorating condition if neglected that too in a state of custody can cause complications,” the court said, adding, “ …. There is a medical reference on record to prima facie establish that the petitioner is having heart related complication which the petitioner in exercise of his fundamental right to personal liberty is well within his right to get it treated to the best of his resources and discretion and in that regard the public exchequer can be absolved from bearing the burden of medically attending the petitioner in custody.”
While granting bail to Dar who was arrested by ED on 30 November last year, the court bail directed Dar to furnish personal bond to the tune of Rs ten lakh to the satisfaction of the Superintendent of Jail concerned and surety bond of two sureties of like amount to the satisfaction of Registrar Judicial, Srinagar of the high court.
“The petitioner (Dar) shall not leave the territorial jurisdiction of Special Judge Anti-Corruption (CBI cases) Srinagar without due permission from the said court by making an application to the effect by show of reasons,” the court said, adding, “The petitioner shall not in any manner influence or intermeddle with the investigation/trial of the case as may come to be set up by the ED against him.”
Lastly, the court said, Dar shall be bound to present himself in person as and when called and summoned by the ED or the Special Court or Authority in connection with the case in reference.
An alleged registered cooperative society in the name of “River Jhelum Cooperative House Building Society”, had come to approach the J&K Cooperative Bank Srinagar with an application for the purpose of availing a loan of rupees three hundred crores (Rs.300 crores) for the purported purpose of development of a housing colony upon 300 kanals of land situated at Shivpora, Srinagar meant to be a satellite township.
The loan case of the River Jhelum Cooperative House Building Society, the court said, is reported to have been sanctioned by the governing body council of the Bank in September 2018 wherefrom the Board of Directors had accorded its approval for the grant of loan in favour of the River Jhelum Cooperative House Building Society by virtue of a decision taken in March, 2019.
Thus, as per the statement of facts in the present petition, the court said, the process of availing of loan by the River Jhelum Cooperative House Building Society from the J&K State Cooperative Bank, Srinagar had originated from the Registrar Cooperative Societies J&K’s end before Dar becoming the Chairman of the Board of Directors of the Bank and further that the approval for grant of loan of rupees 250 crore was not accorded by Dar in his own discretion and authority but by the Board of Directors of the J&K State Cooperative Bank, Srinagar’s approval of which Dar was one of the directors.
The loan amount of rupees two hundred and thirty-three crores (Rs.233 crores) allegedly came to be loaned to the River Jhelum Cooperative House Building Society on 25 April 2019, the court observed.
Follow this link to join our WhatsApp group: Join Now
Be Part of Quality Journalism |
Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast. |
| ACT NOW |
| MONTHLY | Rs 100 |  |
| YEARLY | Rs 1000 | |
| LIFETIME | Rs 10000 | |
