The North lines reports that the Anti-Corruption Bureau (ACB) has taken into custody the man involved in the Rs 223 crore fraud in Jammu and Kashmir Co-operative Bank.
The scam had come to light early this year.
An investigation revealed that the Chairman of J&K Co-operative Bank in alliance with the officials, beneficiary of a non-existent Co-operative House Building Society had sanctioned an amount of Rs 223 crore in favor of the said non-existent Co-operative Society.
The said society under the name and style of a “River Jhelum Co-operative House Colony at Shivpora Srinagar” run by Hilal Ahmad Mir. The loan was sanctioned in violation of all the prescribed norms.