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FIR against Srinagar Deputy Mayor, J&K Bank, officials
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SME Times News Bureau | 15 Jun, 2019
The Jammu and Kashmir Anti-Corruption Bureau (ACB) on Saturday
registered an FIR against Deputy Mayor Sheikh Imran, officers of J&K
Bank and government officials for misappropriation of subsidy worth
crores of rupees to illegally benefit Sheikh's firm, Kehwa group.
Sheikh Imran is also the Deputy Mayor of the Srinagar Municipal Corporation.
A
statement issued by the ACB said: "FIR number 3/2019 under Prevention
of Corruption Act has been registered in ACB police station Anantnag
against Sheikh Imran, director of M/S Kehwa Square Private Limited,
officers of J&K Bank 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 Kehwa Square Private Limited inflated the project cost of
establishing the cold storage in connivance with officers of J&K
Bank 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 Imran.
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