Excelsior Correspondent
SRINAGAR, June 20: Deputy Mayor Sheikh Mohammad Imran today sought withdrawal of application seeking bail in anticipation before High Court in FIR registered against him by the Anti-Corruption Bureau (ACB) for showing his assets as NPA.
Imran had filed the application seeking pre-arrest bail and today withdrew it as the Anti-Corruption Bureau had filed the caveat application before the Court so as to prevent him from getting the bail.
As the case was taken up the counsel representing him sought withdrawal of the said application which the court allowed him and dismissed the same as withdrawn.
He, in his application, submitted that in connection with expansion of business activities of a group of units under the name and style of M/s Kehwa Group of Industries was accorded sanction of different loan components by the J&K Bank from its various branches against the security of huge immovable and movable properties viz a piece of land measuring 2 kanals, two storey residential house with two kanals of land, three storey commercial building, piece of land measuring 45 marlas (situated at Srinagar), Flat Apartment at Bengaluru, residential house at Pahalgam and other movable assets and a plot of 40 kanals situated at Lassipora, Pulwama against which a term of loan facility was 42.76 crores and working capital limit of Rs 7.50 crore was granted by J&K Bank.
The group was accorded by J&K Bank as one time settlement of outstanding loan of Rs 78 crore in the month of July last year in conformity with the guidelines of Reserve Bank of India. Applicant said that he was in process of arranging funds to overcome the one time settlement (OTS) by the bank, the ACB has registered a case under FIR No. 3/2019 under Prevention of Corruption Act against him for committing cheating and criminal conspiracy and for illegal appropriation of subsidy with inflicted projects costs for establishment of CA storage at Lassipora, Pulwama.
“The press release of the ACB would reflect that the cost of the unit in the nature of CA Store at Rs 33 crores has been assessed and verified on spot inspection by the Empowered Monetary Committee of MIHD, Government of India and a committee constituted by the State Government approving and recommending release of subsidy of Rs 16.50 crores to the unit being 50% of estimated project cost”, read the bail application.
It is further mentioned in the application that ACB has already collected the relevant documentary material and his custodial interrogation is unwarranted and cause immense damage to the business and his social reputation.
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