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Reference : money control

The chairman of the Jhelum Co-operative House Building Society (JCHBS) has been arrested in an alleged Rs 223-crore land scam associated with the Jammu and Kashmir State Co-operative Bank in Srinagar, the Anti-Corruption Bureau (ACB) stated right here on Monday.

The ACB was successful in locating the syphoned off budget, and a sum to track of Rs 187 crore has been frozen, according to a legitimate spokesperson.

He stated a initial enquiry turned into carried out with the aid of using the ACB, Jammu, on allegations that the chairman of the J&K Co-operative Bank Limited, Mohammad Shafi Dar, in connivance with officers and a beneficiary of a non-existent co-operative residence constructing society, had sanctioned an quantity of Rs 223 crore fraudulently below the call and fashion of "River Jhelum Co-operative House Colony at Shivpora, Srinagar," run with the aid of using Hilal Ahmad Mir, a resident of the Magarmal Bagh locality in Srinagar.

The research found out that the so-known as chairman of JCHBS had moved an software to the secretary, Cooperatives, Administration Department of Co-operative Societies, wherein he sought guidelines to the J&K Co-operative Bank Limited for furnish of monetary help to the music of Rs three hundred crores for taking on ownership of three hundred kanals of land placed withinside the outskirts of Srinagar for creation of a satellite tv for pc township, the spokesman stated.

He said the software program come to be advocated to the registrar of Cooperative Societies, J&K, for taking up the trouble with the Jammu and Kashmir State Co-operative Bank.

Accordingly, the J&K Co-operative Bank, Srinagar, sanctioned a loan to the tune of Rs 223 crores without adhering to any codal formalities like obtaining the information of the society collectively with its balance sheet, income, and loss account business, sports being completed via way of means of it, profits tax returns and info of production of the board resolutions, the spokesman said.

During the investigation, he stated, it changed into additionally determined that the River Jhelum Co-operative House Building Society changed into not even registered with the Co-operative Societies, J&K.

He stated that the chairman of the J&K State Co-operative Bank and others, in collusion with Mir, committed offenses under numerous sections of the Prevention of Corruption Act and the Indian Penal Code, resulting in a loss of Rs 223 crores to the bank.

Accordingly, a case become registered and research taken up, the officers stated.

Mir become arrested on May 14 to impact the healing of files required withinside the case that is purportedly mendacity in his ownership and additionally to unearth the modus operandi, and the end-use of finances and quid seasoned quo, if any obtained, the spokesman stated.