SRINAGAR, June 15: In a prime fraud committed by Srinagar’s Deputy Mayor Sheikh Imran, with the lively connivance of Jammu and Kashmir Bank and Government officers, he declared one of his mortgaged enterprise units a Non-Performing Account (NPA) without paying any installment to the Bank and bought it to M/s Go Fresh without transferring the papers. The financial institution provided a loan to the client for the 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 C.A. garage at
Lassipora, Pulwama.
The ACB has discovered that the proprietor (s) of M/s Go Fresh, Nadeem Ahmad, who bought the mortgaged C.A. keep of M/s Kehwa Square Pvt Ltd, illegally acquired the loan amount of Rs 36.10 crores from the Bank. He physically took over the C.A. garage commercial enterprise unit’s operation from Sheik Imran without formally transferring assets and liabilities in his favor. Sources said that M/s Go Fresh had already become an 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, M/s
Kehwa Square Pvt Ltd.
The ACB inquiry discovered that Sheikh Imran and his companions’ criminal scheme to promote a mortgaged property was completed 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, C.A. Store Lassipora, to M/s Go Fresh.
The inquiry discovered that the cost of the C.A. Storage unit was inflated to Rs forty-seven crore instead of the real cost of Rs 17 crore for claiming more subsidy from the authorities by raising inflated and bogus bills. Horticulture and financial institution officers were observed to be worried about fraud by using the unit price, which was proven inflated for buying government subsidies.
The inquiry similarly talked about how so that you can usurp the subsidy factor, the proprietor of M/s Kehwa Square Pvt Ltd, Sheikh Imran, and his companions declared the C.A. 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 a one-time agreement with the J&K Bank government.
