Image Source: TRIBUNE

The Anti-Corruption Bureau (ACB) on Monday filed a graft case against the chairman of J&K Cooperative Bank Limited (JKCBL) for sanctioning of Rs 223 crore in favour of a non-existent cooperative society in a fraudulent manner.

Mohammad Shafi Dar, chairman, JKCBL, had sanctioned the amount in favour of the non-existent “River Jhelum Cooperative Housing Society, Shivpora Srinagar”, owned and run by Hilal Ahmad Mir of the Magarmal Bagh locality in Srinagar.

During preliminary inquiry, it was found that the so-called chairman of the society had moved an application to the Secretary, Cooperatives, Administrative Department of Cooperative Societies, seeking directions to the JKCBL for the grant of financial assistance to the tune of Rs 300 crore.