The Jammu and Kashmir administration canceled elections for several cooperative societies after uncovering attempts to manipulate the process using fake entities linked to a major financial scandal, media reports say.
The probe revealed that former JKSTCB Chairman Mohammad Shafi Dar and his associates created proxy candidates and bogus cooperative societies to control the sector. The scandal involves the alleged siphoning of Rs 223 crore from the Jammu and Kashmir State Cooperative Bank via a fictitious loan to the non-existent River Jhelum Cooperative House Building Society.
The Anti-Corruption Bureau (ACB) and Enforcement Directorate (ED) are investigating, with assets worth over Rs 195 crore already attached. Dar and his aide remain in custody as the trial proceeds.