Sheikh Imran arrested by ACB in JK Bank Loan Fraud Case

Case FIR 3/2019 was registered by ACB against Shiekh ImranDirector 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. Further, 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.

2. ACB investigation has revealed that large amount of loan was diverted which was meant for construction of CA store. The case is under investigation with ACB to unearth further details of bank fraud. He has been taken into custody by ACB Srinagar for further questioning.

3. Further investigation of the case is going on.