Excelsior Correspondent
JAMMU, May 18: In Rs 223 crore land scam of Jammu and Kashmir State Co-operative Bank, the Anti Corruption Bureau has arrested Hilal Mir, Chairman of Jhelum Cooperative House Building Society and recovered an amount of Rs 187 crore, siphoned by him.
After his police remand, the accused was today presented before the court, which sent him to jail. The interrogation of the accused person has led to further leads in the matter and more arrests are likely as the investigation progresses in this case.
A Preliminary Enquiry (PE) was conducted by the ACB Jammu on the allegations that the Chairman of J&K Co-operative Bank Ltd, in connivance with the officials / beneficiary of a non-existent Co-operative House Building Society had sanctioned an amount of Rs 223 crores fraudulently in favour of the said non-existent Co-operative Society under the name and style of a `River Jhelum Co-operative House Colony at Shivpora Srinagar’ shown run by accused Hilal Ahmad Mir, son of Kh Sana-ullah Mir of Magarmal Bagh Srinagar.
During PE, it was further revealed that the so called Chairman of the said Society had moved an application to Secretary Cooperatives, Administration Department of Co-operative Societies, where under he sought directions to the J&K Co-operative Bank Ltd for grant of financial assistance to the tune of Rs 300.00 crores for taking over possession of 300 kanals of land located in the outskirts of Srinagar for construction of a Satellite Township. The application was endorsed to Registrar Cooperative Societies J&K for taking up the matter with Jammu and Kashmir State Cooperative Bank. Accordingly, J&K Co-operative Bank Srinagar sanctioned a loan to the tune of Rs 223 crores without adhering to any codal formalities, i.e obtaining the details of the Society Viz. Balance Sheet, Profit and loss Account business, activities being done by the Society, PAN number , Income Tax return, details of Construction of the Board Resolutions, etc.
During enquiry it also surfaced that River Jhelum Cooperative House Building Society has not been even registered with Registrar Co-operative Societies J&K. The Chairman of the so called River Jhelum Cooperative House Building Society Ltd. Hilal Ahmad Mir by acting in league with Chairman of J&K Co-operative Bank Srinagar and others had prepared a fake and fictitious Registration Certificate in the name of Society and managed the sanction of loan to the amount of Rs 223 crores.
These acts of omission and commission on the part of Mohammad Shafi Dar, Chairman J&K State Cooperative Bank, Raj Bagh, Srinagar and others in conspiracy with Hilal Ahmad Mir constitute offences punishable under section 5(1)(d), read with section 5(2) Prevention of Corruption Act and Sections 465, 467, 468, 471, 120-B RPC, resulting in loss of Rs 223 crores to the Bank. Accordingly, FIR number 04/2020 P/S ACB was registered and investigation taken up.
During investigation, it has been found that the loan amount was disbursed into the accounts of the land owners but the land has not been mortgaged to the bank. Further, investigation conducted by the Bureau has been successful in unearthing the siphoned out funds to the tune of Rs 223 crores and amount to tune of Rs 187 crore have been frozen by ACB.
During investigation, the accused person Hilal Ahmad Mir was arrested on May 14 to effect the recovery of documents required in the case which are purportedly lying in their possession and also to unearth the modus operandi, and the end use of funds and quid pro quo if any obtained. He was remanded to police custody till May 18. The interrogation of the accused person is in progress to ascertain further leads in the matter. More arrests are likely as the investigation progresses in this case.
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