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Loan fraud: ACB issues hue and cry notice against former Chairman J&K Co-op Bank

The hue and cry notice issued by ACB on Tuesday

Srinagar: J&K Anti Corruption Bureau (ACB) Tuesday issued a hue and cry notice against a former chairman of J&K State Co-operative Bank, who is wanted in a whopping Rs 223 crore loan fraud that surfaced in the bank earlier this year.

The photo and particulars of Mohammad Shafi Dar, the ex-chairman of  J&K State Co-operative Bank were carried in the notice as the bureau said Dar was wanted in case FIR No. 04/2020 at ACB police station in Srinagar.

“If any person is having any knowledge/ information about the whereabouts of the accused, he /she  may inform/ communicate through email/whats app/toll free no etc to ACB,” the notice read.

It listed the details of the nodal officers to be contacted.

“Superintendent of Police,  Anti Corruption Bureau  Mobile Nos. 9968081119, Investigating Officer: Mobile No. 9796009686 or landline no : 0191-2546535, Toll Free: 1800- 180- 7152, WhatsApp Helpline: 9419678060, or email: [email protected],” it added.

“Any person giving the information shall be suitably rewarded and his identity will be kept secret,” the notice read.

In common law, a hue and cry is a process by which bystanders are summoned to assist in the apprehension of a criminal who has been witnessed in the act of committing a crime.

Last month, the ACB had arrested in the case the co-accused Hilal Ahmad Mir of Magarmal Bagh in Srinagar and had claimed recovering Rs 187 crore of the siphoned money from him.

According to ACB, Mir, in connivance with the officials at J&K Co-operative Bank including the then Chairman, was able to get a loan of Rs 223 crore sanctioned in favour of his non-existent co-operative Society under the name ‘River Jhelum Co-operative House Colony at Shivpora Srinagar.’

The loan amount was disbursed into the accounts of the land owners but the land has not been mortgaged to the bank, the bureau said.

“Further, investigation conducted by the Bureau has been successful in unearthing the siphoned out funds to the tune of Rs 223 crores and amount to tune of Rs 187 Crore have been frozen by ACB,” the spokesperson said on May 18.