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news details
Court rejects bail of Chairman Co-operative Society in Rs 250 Cr scam
6/6/2020 11:32:40 PM
Early Times Report

SRINAGAR, June 6 : Special Judge Anti-corruption Kashmir RN Wattal today rejected bail application of Hilal Ahmad Mir S/o Sonaullah Mir R/o Magarmal Bagh Srinagar Chairman River Jhelum Co-operative House Building Society Limited Srinagar who was allegedly involved in 250 Crore Scam.
According to the ACB that during the preliminary enquiry, the ACB said it was further revealed that the Mir had moved an application to Secretary Cooperatives, Administrative Department of Co-operative Societies, seeking directions to J&K Cooperative Bank Ltd for grant of financial assistance to the tune of Rs 300 crores for taking over possession of 300 kanals of land in city outskirts for construction of 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 Cooperative Bank Srinagar sanctioned loan to the tune of Rs. 223 crores without adhering to any codal formalities.
He said the details of the society, including balance sheet, profit and loss account business, activities being done by the society, PAN number, income tax return, details of constitution of the board and board resolutions were not furnished to the bank when the loan was availed.“During enquiry, it also surfaced that River Jhelum Cooperative Housing Building Society has not been even registered with Registrar Co-operative Societies, J&K,” the Bureau spokesperson said. “Hilal Ahmad Mir and the Bank Chairman and others have prepared fake and fictitious registration certificates and managed the sanction of loan amount to the tune of Rs 223 crores.”
Court further observed that Moreover the bank scams nowadays have become a routine mostly in the Nationalized Banks of the country.
The economic offences are presumed to have deep rooted conspiracy involving huge loss of public money needs to be viewed seriously and considered grave offence affecting economy of the country as whole thereby posing threat to the financial growth of the country.
Accused/Petitioner has played a key role in promoting a non-existent cooperative society to steal public money from the cooperative bank of UT as is evident from the police report. The accused therefore does not deserve any leniency.
Any concession of bail in favour of the petitioner shall not be taken in good taste by the public at large who are in a state of shock when the 2nd banking scam in UT in this year surfaced. The faith that a common man has got in the judicial system shall get eroded if an accused is admitted to bail. Same will also encourage those who believe in resorting to illegal and fraudulent means so as to mint money. With these observations, the Court rejected the bail application. JNF
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