Image Source: Punjab Update

Agencies

Anti-Corruption Bureau (ACB) has arrested former deputy mayor of Srinagar Municipal Corporation (SMC) Sheikh Imran in J&K Bank loan fraud case.

Imran’s arrest came four days after he was ousted from the post of deputy mayor after majority of SMC corporators passed a no-confidence motion against him.

“He was arrested in a bank fraud case. He is being questioned further in the case,” a senior ACB officer said.

The ACB had registered a case FIR 3/2019 in June this year against Imran, Director M/S Kehwa Square Pvt. Ltd. Bohri Kadal Srinagar, and the officials of the Jammu and Kashmir Bank for alleged illegal appropriation of subsidy with inflated project cost for establishment of CA storage at Lassipora, Pulwama.

A spokesman of ACB said that the 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 Imran and partners of M/S Kehwa Square along-with the Bank Officials.

He said the investigation has revealed that 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,” the spokesman said adding further investigation is underway in the case.

Imran along with several other mainstream leaders was under detention after the Government of India abrogated Article 370 –that accorded special status to Jammu and Kashmir—and bifurcation of erstwhile state on August 5.

In November last year, Imran became the deputy mayor of SMC with support of Congress after the urban local body election. He had later joined People’s Conference led by Sajad Lone.