Former Deputy Mayor of Srinagar Municipal Corporation (SMC) Sheikh Imran was arrested on Friday by the Anti-Corruption Bureau (ACB) in a case pertaining to alleged misappropriation of crores of rupees from the Jammu & Kashmir Bank.
Imran, who was removed as Deputy Mayor of the Srinagar Municipal Corporation (SMC) after a no-confidence motion against him was carried in the corporation on Thursday, was taken into custody by the ACB for questioning in connection with illegal appropriation of subsidy given to his company for setting up of a Controlled Atmosphere (CA) store, official sources said.
According to spokesman of the Anti-Corruption Bureau, "Case FIR 3/2019 was registered by ACB against Shiekh Imran Director M/S Kehwa Square Pvt. Ltd. Bohri Kadal Srinagar, officers of J&K Bank and other Govt officials, for illegal appropriation of subsidy with inflated project cost for establishment of CA storage at Lassipora, Pulwama".
ACB Spokesman said, Kehwa Group got their loan of Rs 138 crores with J&K Bank, restructured for merely an amount of Rs 78 crores under a well knit conspiracy by Sheikh Imran and partners of M/S Kehwa Square Pvt. Ltd along-with JK Bank Officials.