Big action by ED, former chairman of cooperative bank arrested
Srinagar : The Enforcement Directorate on Friday arrested the former chairman of a cooperative bank in Jammu and Kashmir on charges of money laundering worth Rs 250 crore. Former Jammu and Kashmir Cooperative Bank Chairman Mohammad Shafi Dar has been arrested along with Hilal Ahmed Mir, Chairman of Private Cooperative House Building Society, in a money laundering case of Rs 250 crore, ED sources said. A source said, “The co-operative house building society turned out to be fake.”
ED has conducted search/survey operations at 8 locations in Srinagar, J&K and has arrested two persons namely Mohammad Shafi Dar (the then Chairman of JKSTCB) and Hilal Ahmad Mir (Chairman of River Jehlum Co-operative House Building Society), in a PMLA case related to the…
— ED (@dir_ed) December 1, 2023
Earlier, ED officials had raided various places including Dar’s house from where incriminating evidence was said to have been recovered. Sources said that the ED had conducted the investigation under the Prevention of Money Laundering Act. Jammu and Kashmir Anti-Corruption Bureau (ACB) had filed a charge sheet against Dar and Mir under the IPC and Prevention of Corruption Act in August 2020. ACB investigation had found that the cooperative bank had sanctioned a loan of Rs 223 crore without completing any formalities.
