Former Deputy Mayor Held For Bank Loan Fraud

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Lashkar militant

Trouble is mounting against detained former Deputy Mayor of the Srinagar Municipal Corporation Sheikh Imran after J&Ks anti-corruption watchdog formally arrested him in an alleged bank loan fraud case.

The Kehwa Square Pvt Ltd got its loan of Rs138 crore from J&K Bank restructured for merely Rs78 crore under a well-knit conspiracy by Sheikh Imran and partners of the group with bank officials.

His arrest by Anti-Corruption Body (ACB) happened a day after Imran was removed as Deputy Mayor of the SMC after a no-confidence motion was moved against him.

“We have arrested him (Imran) in the bank fraud case that was registered in June this year,” Director, ACB, Anand Jain told The Tribune. “The case was registered against him and during investigation of the case, we arrested him for further questioning,” he said.

A spokesman for the ACB said a case was registered against Shiekh Imran, Director of Kehwa Square Pvt Ltd, Bohri Kadal, Srinagar, officers of J&K Bank and other government officials for illegal appropriation of subsidy with inflated project cost for establishment of CA storage at Lassipora, Pulwama.

“Further, the Kehwa Group got their loan of Rs 138 crore from J&K Bank restructured for merely Rs 78 crore under a well-knit conspiracy by Sheikh Imran and partners of Kehwa Square Pvt Ltd along with JK Bank officials,” the spokesman said.

He said the ACB investigation had revealed that a large amount of loan, which was meant for the construction of CA store, was diverted.

“The case is under investigation with the ACB to unearth further details of bank fraud. He (Sheikh Imran) has been taken into custody by the ACB, Srinagar, for further questioning.”

Imran, a People’s Conference leader, has been under detention along with several other political leaders after the Union Government scrapped the special status of the J&K on August 5 and downgraded the state into two Union Territories. He became the Deputy Mayor of the SMC in November last year. Earlier on Monday, Imran had resigned from the Deputy Mayor post.(TNS)

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