Srinagar’s Ex-Deputy Mayor Arrested By Way Of Anti-Corruption Bureau

The Anti-Corruption Bureau (ACB) arrested former Srinagar Deputy Mayor Sheikh Imran in a multi-crore Jammu and Kashmir Monetary establishment loan fraud case. The corporate took Imran into custody for wondering in connection with the illegal appropriation of the subsidy given to his company, Kehwa Sq. Pvt Ltd for setting up of a Controlled Atmosphere (CA) store, mentioned the corporate.

In symbol: Folks walk earlier a division of the Jammu and Kashmir Monetary establishment. [Representational image]Twitter

Imran was once far flung from Deputy Mayor put up following a no-confidence motion moved against him by way of corporators of the Srinagar Municipal Corporate.

Why did ACB arrest Srinagar Deputy Mayor Sheikh Imran?

A case was once registered by way of the ACB against Imran, the Director of Srinagar-based Kehwa Sq., some officials of Jammu and Kashmir Monetary establishment and other government officials for alleged illegal appropriation of the subsidy with an inflated enterprise value for establishment of CA garage at Lassipora in Pulwama.

Kehwa Crew, therefore, received their loan of Rs 138 crore with J&Ok Monetary establishment restructured for simply an amount of Rs 78 crores beneath a effectively knit conspiracy by way of Imran and partners of Kehwa Sq. Pvt in conjunction with J&Ok Monetary establishment officials, the corporate mentioned.

The ACB investigation previously has published that enormous amount of the loan which was once supposed for development of CA store was once diverted. “The case is below investigation with ACB to unearth additional main points of financial institution fraud and Imran has been taken into custody for additional wondering,” mentioned the corporate.

What’s the J&Ok monetary establishment scam?

J&Ok Monetary establishment created unparalleled and illegal follow.
Made more than 3,000 backdoor appointments clandestinely, reverse to the foundations and norms governing the subject.
As opposed to the backdoor appointments, serious costs of monetary irregularities which might be being investigated by way of the ACB and chargesheets against those accused in those irregularities are liable to be filed therefore.

So as to safeguard the interest of monetary establishment depositors/stakeholders, the Reserve Monetary establishment of India (RBI) appointed a specific nominee at the monetary establishment’s board of directors along side sacking the then Chairman Nengroo. The monetary establishment has confident all its depositors/stakeholders that the financial parameters of the monetary establishment are sound and there’s no need for the monetary establishment’s depositors to worry.

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