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SRINAGAR: The Enforcement Directorate (ED) has arrested former J&K State Co-operative Bank chairman Mohammad Shafi Dar in connection with a Rs 250-crore money laundering case.
According to the officials Dar was arrested along with Mohammad Hilal A Mir, the Chairman of the River Jhelum Cooperative House Building Society, a “fictitious firm”,
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They said the two were produced on Friday before the special Prevention of Money Laundering Act (PMLA) court in Srinagar, which ordered the accused to be remanded in the custody of the ED till Saturday and directed for further hearing in the matter.
The ED had conducted search operations at eight locations in Srinagar, including at Dar’s residence, in connection with the case on Thursday, and these resulted in the recovery of several incriminating documents and digital devices.
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The ED initiated investigation on the basis of an FIR and consequent charge sheets filed by the J&K Anti Corruption Bureau against five accused β Dar, Mir, Abdul Hamid Hajam (secretary of River Jhelum Cooperative House Building Society), Mohammad Mujeeb Ur Rehman Ghassi (the then registrar of Cooperative Societies, J&K) and Syed Ashiq Hussain (the then deputy registrar of Cooperative Societies, J&K).
The ED investigation revealed that these persons had managed to fraudulently get a loan of Rs 250 crore sanctioned from the bank in the name of the fake housing society, the officials said.
They said the loan amount was siphoned off as payments made towards the purchase of land parcels, without any collateral security and overlooking all regulatory procedures, and in pursuance of the criminal conspiracy relating to the offence of money laundering under the PMLA.
The J&K ACB had already registered an FIR section 5(2) P.C. Act and IPC sections 465, 467, 468, 471, 120-B RPC, resulting in loss of Rs. 223 crores to the J&K Cooperative Bank at P/S ACB and an investigation was taken up against Mohammad Shafi Dar, Chairman J&K State Cooperative Bank, Raj Bagh, Srinagar, and others in conspiracy with Hilal Ahmad Mir.
During investigation, it was found that the so-called Society was not registered with Registrar Co-operative Societies J&K. Accused Hilal Ahmad Mir had managed to get issued a fake and fictitious Registration certificate bearing Registration No. ARK/SS/3, dated 31 March 1994 and on the basis of that fake and fictitious Certificate of Registration loan to the tune of Rs. 223 crores was sanctioned in favour of the non-existent society without adhering to the codal formalities and without any proper security.
The loan amount was disbursed into the accounts of the landowners, but the land has not been mortgaged to the bank. Further, investigation conducted by the Anti Corruption Bureau was successful in unearthing the siphoned-out funds to the tune of Rs. 223 crores and amount to the tune of Rs. 187 Crore have been frozen by ACB.
