J-K govt transfers ‘bank fraud case’ of former SMC Dy Mayor to CBI

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The Lt Governor administration has transferred the case of M/S Kehwa group owned by former Deputy Mayor of Srinagar Municipal Corporation (SMC) and president Youth Peoples Conference (PC) to Central Bureau of Investigation (CBI) and FIR was re-registered for further investigation, officials said.

An official told Srinagar based news agency Kashmir Dot Com (KDC) that “The request of the Anti Corruption Bureau (ACB) for referred case FIR no 03/2019 Police station ACB Anantnag (Kehwa case) to Central Bureau of Investigation (CBI) was considered by the government of Jammu and Kashmir and it has been decided by the competent Authority (Hon’ble Lieutenant Governor Manoj Sinha that the case be investigated by the CBI hence forth”.

He said accordingly CBI has re-registered an FIR no RC12320211A0009 dated 08-10-2021 against under J&K PC Act, Samvat 2006 under section 5(1) (d), 5 (2), and J&K Penal Code (RPC) act under section 120-B and 420 against Sheikh Imran former Deputy Mayor (SMC) at CBI office in Srinagar.

Pertinently, Imran has been accused of misappropriating the funds provided as subsidy given for setting up a controlled atmosphere store. It is alleged that the group got various credit facilities of ₹138 crore, which was allegedly restructured in connivance with the bank officials for ₹78 crore.

The case was earlier being probed by the ACB south Kashmir which had arrested Sheikh Imran in December 2019. The probing agency had then said a significant portion of the loans meant for the construction of the storage by the Kehwa Square Private Limited in Pulwama was allegedly diverted.

During the inquiry, it was found that the group had six other business units and they had raised loan facilities of ₹138 crore. As one of the loan accounts had turned into a non-performing asset, the accused had applied for a one-time settlement with the bank. Accordingly, in conspiracy with some bank officials, the restructuring led to deduction of the final amount from ₹138 crore to ₹78 crore.

Several other financial irregularities were also detected by the authorities concerned, as alleged. (KDC)

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