Excelsior Correspondent
SRINAGAR, Aug 22: Special Judge Anticorruption Kashmir RN Wattal today rejected bail application of Abdul Hamid Hajam, Secretary of the non-existent River Jhelum Cooperative House Building Society, Srinagar in the much publicized Rs 250 crore scam.
The Anti-Corruption Bureau (ACB) had produced a charge sheet against three people including former chairman of Jammu and Kashmir Cooperative Bank for sanctioning Rs 250 crore loan to a non-existent Cooperative Housing Society two years ago.
The ACB filed charge sheet against Mohammad Shafi Dar, the then chairman of J&K State Cooperative Bank Limited (JKSTCB), Hilal Ahmad Mir, chairman of non-existent River Jhelum Cooperative House Building Society, Srinagar and Abdul Hamid Hajam, secretary of the non-existent River Jhelum Cooperative House Building Society, Srinagar.
After hearing both the sides, the Special Judge Anti-Corruption Kashmir R N Wattal observed, “the economic offences are committed with cool, calm and premeditated design with an eye on personal profit regardless of consequences to the society and constitute a class apart and need to be visited with a different matter of approach in bail”.
“Such offences have deep rooted conspiracy involving loss of public money and as such fall in the category of grave offences affecting the economy of the country. The involvement of petitioner in economic offences is conspicuous who in conspiracy with other accused with nefarious intentions have robbed the Cooperative Bank of Union Territory and siphoned off the huge public money that was specially meant for providing the financial assistance to weaker sections of the society”, the court further said.
Stating that any concession of bail in favour the petitioner shall be against public sentiment, the court further said, “the grant of bail at this stage will also encourage those who believe in resorting to illegal and fraudulent means so as to mint money”, adding “the accused therefore does not deserve any mercy at this stage”.
Follow our WhatsApp channel