Srinagar
Former deputy mayor of Srinagar Municipal Corporation Sheikh Imran was arrested by the Anti-Corruption Bureau (ACB) on Friday in Jammu and Kashmir Bank loan fraud case, said an official spokesman.
Sheikh Imran, who was removed as deputy mayor of the Srinagar Municipal Corporation (SMC) after a no-confidence motion against him was carried in the corporation on Thursday, was taken into custody by the ACB for questioning in connection with illegal appropriation of subsidy given to his company for setting up of a Controlled Atmosphere (CA) store, he said.
The spokesman said that case FIR 3/2019 was registered by ACB against Shiekh Imran Director M/S Kehwa Square Pvt. Ltd. Bohri Kadal Srinagar, officers of J&K Bank and other government officials, for illegal appropriation of subsidy with inflated project cost for establishment of CA storage at Lassipora, Pulwama.
“Further, Kehwa Group got their loan of Rs. 138 crores with J&K Bank, restructured for merely an amount of Rs. 78 crores under a well-knit conspiracy by Sheikh Imran and partners of M/S Kehwa Square Pvt. Ltd along-with JK Bank Officials” said the spokesman.
“ACB investigation has revealed that a large amount of loan was diverted which was meant for construction of CA store. The case is under investigation with ACB to unearth further details of bank fraud. He has been taken into custody by ACB Srinagar for further questioning,” he said.
The spokesman said the further investigation of the case is going on.
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