Anti-Corruption Bureau (ACB), took into custody the former chairman of J&K Cooperative Bank Limited (JKCBL), Mohd Shafi Dar, involved in the Rs 223-crore loan fraud, reports The Tribune.
Dar had given loans to the tune of Rs. 223 crore to a non-existent ” River Jhelum Cooperative House Colony”. In Srinagar.
It is revealed that J&K Cooperative Bank Srinagar sanctioned a loan to the tune of Rs 223 crore without carrying out any codal formalities, including obtaining details of the Society.
Meanwhile, ACB has got an amount of Rs 187 crore frozen.