ACB registers FIR against Deputy Mayour Srinagar, J&K Bank, officials

Filed under: State Scan,Today in News |

Srinagar:    The Jammu and (ACB) on Saturday registered an FIR against Sheikh Imran, officers of and government officials for misappropriation of subsidy worth crores of rupees to illegally benefit Sheikh’s firm, group.

Sheikh is also the of the 

A statement issued by the ACB said: “FIR number 3/2019 under Prevention of Corruption Act has been registered in against Sheikh Imran, of M/S Square Private Limited, officers of and other government officials for illegal appropriation of subsidy with inflated project cost for establishment of a cold storage at Lassipora, Pulwama.”

The statement said that M/S Square Private Limited inflated the project cost of establishing the cold storage in connivance with officers of and some state government officials to misappropriate government subsidy of Rs 16.50 crore and layering of various transactions.

“The group got its loan of Rs 138 crore with J&K Bank restructured to Rs 78 crore. Subsequent to the one time settlement (OTS) surreptitiously consented by Bank officials, the group’s second instalment of Rs 55 crore was further reduced to Rs 27 crore. It then sought further concessions from the Bank.

“The involved Bank officers and a joint inspection team of government officials misused their position to confer undue pecuniary/monetary advantage to Kehwa group and help it illegally appropriate crores of rupees from the state exchequer,” the ACB officials said.

Last week, the ACB’s raids at J&K Bank’s corporate headquarters were followed by Income Tax raids at the business premises of Sheikh 

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