SRINAGAR, June 15: In a prime fraud devoted by means of the Srinagar’s Deputy Mayor Sheikh Imran with lively connivance of Jammu and Kashmir Bank and Government officers, he has declared certainly one of his mortgaged enterprise units as Non-Performing Account (NPA) without paying any installment to the bank and bought it to M/s Go Fresh without transferring the papers and financial institution has provided loan to the client towards mortgaged unit.
The Anti Corruption Bureau has registered a case (FIR No. Three/2019 underneath phase 5(1) (d) P.C Act Samvat 2006, punishable u/S five(2) of the Act r/w 420 & one hundred twenty-B RPC)in Police Station Anti Corruption Bureau, South Kashmir (Anantnag) towards Shiekh Imran Director M/S Kehwa Square Pvt Ltd Bohri Kadal Srinagar, officers of J&K Bank and other Govt officers, for illegal appropriation of subsidy with inflated mission price for status quo of CA garage at Lassipora, Pulwama.
The ACB has discovered that proprietor (s) of M/s Go Fresh Nadeem Ahmad who bought the mortgaged enterprise CA keep of M/s Kehwa Square Pvt Ltd acquired the loan quantity of Rs 36.10 crores from the Bank illegally. He physically took over the operation of the CA garage commercial enterprise unit from Sheikh Imran without formal switch of assets and liabilities in his favor. Sources said that M/s Go Fresh turned into already NPA with the Bank.
The financial institution government prolonged the mortgage facility of Rs 36.10 crores to M/s Go Fresh on the same property which turned into already beneath hypothecation with the bank as an asset of the principal borrower i.E M/s Kehwa Square Pvt Ltd.
The ACB inquiry discovered that criminal layout of promoting of a mortgaged property via Sheikh Imran and his companions turned into finished with the energetic support of the officials of J&K Bank via commercial enterprise unit M/s Go Fresh. The financial institution gave a mortgage of Rs. 36.10 crores with the association of margin cash of Rs 1.90 crores in lieu of the mortgaged business unit, CA Store Lassipora, to M/s, Go Fresh.
The inquiry discovered that cost of CA Storage unit was discovered to were inflated to Rs forty-seven crores as opposed to the real cost of Rs 17 crore, for claiming more subsidy from the authorities by raising inflated and bogus bills. The Horticulture officers and financial institution officers had been observed worried about the fraud by using which price of the unit was proven inflated for buying government subsidy.
The inquiry similarly talked about that so that you can usurp the subsidy factor the proprietor of M/s Kehwa Square Pvt Ltd Sheikh Imran and his companions declared the CA Store as NPA without paying even an unmarried installment toward the financial institution.
ACB has discovered that M/s Kehwa Group has six extra enterprise gadgets and its owner Sheikh Imran has raised numerous loan facilities and overdrafts for those commercial enterprise units. The liabilities due to mortgage accrued to Rs 138 crores and Kehwa Square and its sister concerns had grown to become NPA and Sheikh Imran sought one-time agreement with J&K Bank government.
The bank granted wave off liabilities of Rs.33 crores to Sheikh Imran and became asked to deposit Rs one zero five crores in two installments with the primary installment of Rs 50 crores to be paid by means of 25.03.2017 as one-time agreement.
The ACB has located that M/s Kehwa Square Pvt. Ltd. Changed into the given further concession of Rs 28 crore to second installment of 1 Time Settlement (OTS) of Rs fifty-five crores.
It has been set up that the M/s Kehwa Group has were given their loan of Rs 138 crores with J&K Bank, restructured for simply a number of Rs 78 crores under a nicely knit conspiracy with the aid of Sheikh Imran and partners of M/s Kehwa Square Pvt. Ltd. With covert and overt support by means of officials of J&K Bank and Joint Inspection Team.