The Anti-Corruption Bureau of Jammu and Kashmir has arrested the former deputy mnayor of Srinagar and Congress leader Sheikh Imran for his alleged involvement in bank fraud.
According to an ACB statement, Imran was arrested in JK Bank Loan Fraud Case (FIR 3/2019) registered against Imran, the Director of M/S Kehwa Square Pvt. Ltd. Bohri Kadal Srinagar, officers of J&K Bank and other Govt officials, “for illegal appropriation of subsidy with inflated project cost for establishment of CA storage at Lassipora, Pulwama.”
“Further, 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 Sheikh Imran and partners of M/S Kehwa Square Pvt. Ltd along-with JK Bank Officials,” the ACB statement said.
“ACB 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 statement said, adding “further investigation is going on.”
Imran was put under house detention along with other political leaders of Kashmir on August 5, when the central government abrogated the special status of Jammu and Kashmir and bifurcated the erstwhile State into two Union Territories - Jammu & Kashmir and Ladakh.
He was recently shifted along with other political leaders to Srinagar’s MLA hostel. Earlier this week, a group of corporators, allegedly back by the BJP, moved a motion in the Srinagar Municipal Corporation and removed Imran from his post, a move termed as illegal by the bank defaulter.