JAMMU, June 3 -- The Anti Corruption Bureau (ACB), today arrested the former chairman of J&K Cooperative Bank Limited (JKCBL), Mohd Shafi Dar, in much-publicised Rs 223-crore bank loan fraud. Dar was evading his arrest since the registration of the case against him and he was taken into custody after his arrest today.
As per the ACB case Dar in connivance with the officials and beneficiary of a non-existent cooperative society had sanctioned an amount of Rs 223 crores fraudulently in favour of a non-existent "River Jhelum Co-operative House Colony at Shivpora Srinagar" run by one Hilal Ahmad Mir of Magarmal Bagh Srinagar. In the preliminary inquiry, it was revealed that the chairman of the Society had moved an application to Secretary Coop...