Jammu: The Central Bureau of Investigation (CBI) has re-registered a case against former Deputy Mayor of Srinagar Municipal Corporation (SMC) and the Director Kehwa group Sheikh Imran in an alleged bank fraud case.
The premier investigative agency re-registered a case after Lieutenant Governor Manoj Sinha, conceding to the request of the Anti-Corruption Bureau (ACB), transferred the case to CBI. The case was earlier being probed by ACB vide FIR no 03/2019 Police station ACB Anantnag.
As per official sources, after taking over the investigation following a go-ahead by the UT administration, the CBI registered an FIR no RC12320211A0009 dated No 08-10-2021 under J&K PC Act, Samvat 2006 section 5(1) (d), 5(2), and J&K Penal Code (RPC) act under section 120-B and 420 against Sheikh Imran at CBI office in Srinagar.
Imran has been accused of misappropriating the funds provided as a subsidy given for setting up a controlled atmosphere store. The group allegedly got various credit facilities of Rs 138 Cr, which was allegedly restructured in connivance with the bank officials for Rs 78 Cr.
Earlier the ACB had arrested Imran in December 2019 and had alleged that a significant portion of the loans meant for the construction of the storage by the Kehwa Square Private Limited in Pulwama was diverted.
During the inquiry, it was found that the group had six other business units and they had raised loan facilities of Rs 138 Cr. As one of the loan accounts had turned into a non-performing asset, the accused had applied for a one-time settlement with the bank.
Accordingly, in conspiracy with some bank officials, the restructuring led to the deduction of the final amount from Rs 138 Cr to Rs 78 Cr. Several other financial irregularities were also allegedly detected by the authorities concerned.