The CBI has re-registered the case against Kehwa Group director Sheikh Imran, a former Srinagar Municipal Corporation Deputy Mayor, for allegedly cheating the Jammu & Kashmir Bank crores of rupees.
The CBI has taken over the probe into the case which was earlier registered at the Anantnag police station in 2019.
"The FIR no. 3, 2019, was registered by ACB Anantnag against Sheikh Imran...therefore it’s not true that the alleged accused has been booked by CBI," said Mr. Imran, in a statement to The Hindu.
Mr. Imran has been accused of misappropriating the funds provided as subsidy given for setting up a controlled atmosphere store. It is alleged that the group got various credit facilities of ₹138 crore, which was allegedly restructured in connivance with the bank officials for ₹78 crore.
The case was earlier being probed by the Kashmir ACB which had arrested Mr. Imran in December 2019. The agency had then said a significant portion of the loans meant for the construction of the storage by the Kehwa Square Private Limited in Pulwama was allegedly diverted.
During the inquiry, it was found that the group had six other business units and they had raised loan facilities of ₹138 crore. As one of the loan accounts had turned non-performing asset, the accused had applied for one-time settlement with the bank. Accordingly, in conspiracy with some bank officials, the restructuring led to deduction of the final amount from ₹138 crore to ₹78 crore.
Several other financial irregularities were also detected by the authorities concerned, as alleged.
