The Special Anti-Corruption court has rejected bail application of Deputy Registrar Cooperative department, Srinagar in Rs 250 crore J&K Cooperative Bank loan scam.
After hearing special public prosecutors, Ghulam Jeelani and Riaz Ahmad, and defence counsel, the Special Anti-Corruption judge, RN Watal termed the allegations against the petitioner severe in nature as well as incriminating.
“They demonstrate the conspiracy hatched between Hilal Ahmad Mir, the chairman of non-existent cooperative society, petitioner Syed Ashiq Hussain, Registrar Cooperative Society, and management of Cooperative Bank particularly the Chairman Muhammad Shafi Dar, in execution of this huge financial scam,” the court observed.
The court said the petitioner Syed Ashiq Hussain’s approach has been unbecoming of a public servant with evil eye on public money and siphoning it off in conspiracy with others.
“Prima-facie the liability of petitioner in this financial scam is obvious and crystal clear from the evidence collected by the prosecution till date, as is evident from the police report. There are indisputable and reasonable grounds for believing that accused has ex-facie committed the offence,” the court said.
It said the stage was not right to exercise the concession of bail in favour of the petitioner in anticipation of his arrest in light of the incriminating material that has come to the fore during investigation against him.
The court observed that the petitioner with his deceitful, despicable and corrupt intent in conspiracy with other accused facilitated the case of a non-existent Co-operative Society to defeat the very objective of operation of Co-operative Bank, to steal the public money meant for assisting the weaker sections of society.
“The scam has assumed public importance and any concession of bail in anticipation of the arrest of petitioner will be denounced by the society and faith of a common man on this esteemed institution may be eroded, same may encourage those who believe in resorting to corrupt practices to mint money,” the court said.
“I am of the considerate view that the petitioner has failed to carve out a prima facie case for indulgence of this court for the concession of bail in anticipation of his arrest. The application as such is dismissed,” the court said.