Multi-crore scam in Coop Bank
HC dismisses petition of Chairman seeking quashing of FIR
28/05/2020
Jammu, May 27: In a much publicized multicrore scam in Cooperative Bank, Justice Vinod Chatterji Koul today dismissed the petition filed by Chairman Mohammad Shafi Dar. While dismissing the petition, Justice Vinod Chatterji Koul observed that the instant petition is bereft of any merit and petitioner fails to make out a case for exercise of inherent powers under Section 482 Cr. P.C. to quash the FIR. The case is still under investigation & concerned agency is in the process of collecting evidence. The investigation is necessary and the same cannot be stopped, at this stage.
During the preliminary enquiry, the ACB said it was further revealed that the Mir had moved an application to Secretary Cooperatives, 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 crores for taking over possession of 300 kanals of land in city outskirts 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 to any codal formalities," the ACB spokesperson said.
He said the details of the society, including balance sheet, profit and loss account business, activities being done by the society, PAN number, income tax return, details of constitution of the board and board resolutions were not furnished to the bank when the loan was availed.
"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 Bureau spokesperson said. "Hilal Ahmad Mir and the Bank Chairman and others have prepared fake and fictitious registration certificates and managed the sanction of loan amount to the tune of Rs. 223 crores,".
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