Jammu and Kashmir Anti-Corruption Bureau (ACB) on Wednesday arrested the former chairman of J&K State Co-operative Bank, Mohammad Shafi Dar in a multi-crore fund fraud.
The ACB had yesterday issued a hue and cry notice against Dar after declaring him a proclaimed offender.
The ACB has booked Dar for committing a financial fraud to the tune of Rs 223 crore in which a fake co-operative construction company had benefited.
The fake construction company, called River Jhelum Building Society, had taken a loan of Rs 223 crores from the co-operative bank for constructing a satellite township on the outskirts of Srinagar city.
Overlooking all formalities, the bank gave the loan to the owner of the company Hilal Ahmad Mir without even obtaining the balance sheet, income tax return or the PAN card of the beneficiary.
