x

Like our Facebook Page

   
Early Times Newspaper Jammu, Leading Newspaper Jammu
 
Breaking News :   Doctors - The Unsung Heroes of Healthcare | WHEN RS 10 FEELS EXPENSIVE ON A CART, BUT NOT IN A CAFE | Urdu For Naib Tehsildar Recruitment Test | Yatri Niwas in Srinagar | LG Sinha inaugurates SASB Yatri Niwas at Pantha Chowk | LG launches campaign for zero-waste pilgrimage | 'Amarnath Yatra arrangements upgraded' | Heroin worth Rs. 420 crore seized in Rajasthan; Pak-based smuggler, Canada handler named | Within minutes after formation of PAC, NC mocks Sajad Lone’s new political front as ‘BJP’s B-Team’ | CM Omar calls for revival of buyer-creator relationship at SKICC Meet | Salal Dam gates opened amid rising Chenab Water levels | DGP chairs joint security review meeting in Anantnag, visits key areas | Major reshuffle in ACB J&K | From warzone to homeland: Kashmiri students hail India’s rescue mission with tricolour cheers | Security Forces bolster security with hi-tech gadgets | Token distribution for registration begins | Security Forces conduct joint mock drill | India woman footballer Soumya undergoes surgery after nasal bone fracture | Lack of variety in India's bowling attack is concerning: Chappell | National-level minor boxer alleges sexual harassment by woman coach | | MCM launches workshop on Skill Development, Entrepreneurship | GDC Kathua honours NCC Cadet Mohit Kanathia with grand welcome ceremony | Missing person traced from Pallanwala within 2 days | JKHCBAJ unveiles Portrait of Maharaja Hari Singh ji, inaugurated | Four JKAS Officers transferred In Transport Dept Reshuffle | J&K police arrest 87 in drug crackdown, seize narcotics worth Rs 2.42 Cr | Gross GST collections double in 5 years to record Rs 22.08 trillion in FY25 | Srinagar police attaches residential property worth Rs 50 lakh | SKUAST-K holds workshop in Gurez to promote revival of heritage crops | Reasi police solves two theft cases in Katra, accused arrested, stolen property | Union Minister Piyush Goyal to lead transformative FTII Traders conclave | Congress holds impressive Jai Hind Yatra in Poonch City, salutes armed forces, martyrs | Warm, affectionate farewell accorded to retirees of Agriculture Department Jammu | DC Shopian inspects work of rural development projects at Keller | Former JKNPP leaders, senior workers join Apni Party | Committee on Petitions holds meeting in Srinagar | 6000 students participate in NMMSS examination | Ladakh PM Vishwakarma artisans participate in MSME Day celebration | Vi Business’s ready for next - India’s largest digital advisory celebrates growth on MSME day | Indian Army pays tribute to Ex-Serviceman | Civil Defence, Jammu started 5 days CD training programme | Warm send off accorded to Sardar Dharminder Singh Bhargav Head Pharmacist from DHS-J | JKEDI concludes second batch of MDPs in 10 districts | Handicrafts, Handloom Deptt condoles demise of father of Mussrat Islam | IGNOU launches certificate programme for Nurse Managers to Strengthen Managerial Competencies in Nursing Services | Back Issues  
 
news details
ED arrests former J&K Co-operative Bank chairman in Rs 250 cr money laundering case
12/1/2023 11:04:04 PM

Early Times Report

SRINAGAR, Dec 1: The Enforcement Directorate (ED) has arrested former J&K Co-operative Bank chairman Mohammad Shafi Dar in connection with a Rs 250-crore money laundering case in Jammu and Kashmir, officials said on Friday.
Dar was arrested along with Mohammad Hilal A Mir, the chairman of the River Jhelum Cooperative Housing Building Society, a ‘fictitious firm’, and they will be presented before a special court, according to the officials.
The ED had conducted searches, including at Dar’s residence, in connection with the case on Thursday, and these resulted in recovery of incriminating evidence, they claimed.
The fraud was done in the name of the ‘fictitious’ River Jhelum Cooperative Housing Building Society, the officials said.
The raids were conducted by the ED’s office in Srinagar under powers provided to the agency under the Prevention of Money Laundering Act (PMLA) for search and seizure, they said.
In August 2020, the Jammu and Kashmir Anti-Corruption Bureau (ACB) had filed a charge-sheet in the case against Mir, Dar and others for offences under the Indian Penal Code and the Prevention of Corruption Act. Mir had moved an application to the secretary cooperatives, administration department of cooperative societies, seeking directions to the J&K Co-operative Bank for granting financial assistance to the tune of Rs 300 crore for taking over possession of 37.5 acres of land in the outskirts of Srinagar for construction of a satellite township, according to the probe by the ACB.
The application was endorsed to the registrar of cooperative societies, Jammu and Kashmir, for taking up the matter with the J&K Co-operative Bank.
In the ACB probe, it was found that accordingly, the J&K Co-operative Bank in Srinagar sanctioned a loan to the tune of Rs 223 crore, without adhering to any codal formalities, including obtaining details of the society such as its balance-sheet, profit and loss, account business, activities, PAN number, income tax returns, and construction of board resolutions.
The inquiry revealed that the River Jhelum Cooperative House Building Society had not even been registered with the registrar of cooperative societies, and Mir by acting in league with Dar and others had prepared a fake and fictitious registration certificate in the society’s name and managed the loan’s sanction.
The loan amount was disbursed into the accounts of land owners but the land had not been mortgaged to the bank, it found.
Further, the investigation conducted by the ACB was successful in unearthing the siphoned-off Rs 223 crore. Also, an amount to the tune of Rs 187 crore has been frozen by the bureau, the officials said.
  Share This News with Your Friends on Social Network  
  Comment on this Story  
 
 
 
Early Times Android App
STOCK UPDATE
  
BSE Sensex
NSE Nifty
 
CRICKET UPDATE
 
 
 
 
 
 
 
 
   
Home About Us Top Stories Local News National News Sports News Opinion Editorial ET Cetra Advertise with Us ET E-paper
 
 
J&K RELATED WEBSITES
J&K Govt. Official website
Jammu Kashmir Tourism
JKTDC
Mata Vaishnodevi Shrine Board
Shri Amarnath Ji Shrine Board
Shri Shiv Khori Shrine Board
UTILITY
Train Enquiry
IRCTC
Matavaishnodevi
BSNL
Jammu Kashmir Bank
State Bank of India
PUBLIC INTEREST
Passport Department
Income Tax Department
JK CAMPA
JK GAD
IT Education
Web Site Design Services
EDUCATION
Jammu University
Jammu University Results
JKBOSE
Kashmir University
IGNOU Jammu Center
SMVDU