Srinagar, Dec 16: The Jammu and Kashmir High Court has granted bail to former Chairman J&K Cooperative Bank Muhammad Shafi Dar who was arrested earlier this year in connection with a case regarding sanctioning fraudulently a loan of Rs 250 crore in favour of a “non-existent Cooperative Society”, River Jhelum Cooperative House Colony.
He was granted bail against personal as well as surety bond to the tune of Rs. 50,000 each to the satisfaction of the Registrar Judicial of the Court.
“The prosecution has produced the charge-sheet/challan after investigation, even supplementary charge sheet has also been produced, therefore, his presence in custody may not be necessary for further investigation,” a bench of Justice Sindhu Sharma said as per GNS and allowed plea for bail by Muhammad Shafi Dar who has been already sacked as Chairman of the Bank.
The prosecution has also stated that much of the amount has been paid to the owners of the land, the court observed. “It is also admitted that the owners have executed Power of Attorney on the basis of which lease has been granted in favour of Secretary of the Society.”
While granting the bail, the court has imposed certain conditions also. He has been asked to cooperate with the investigation as and when required, not hamper or tamper with the prosecution witnesses or evidence and that he will appear before the Trial Court on each and every date of hearing unless exempted by the Court concerned and that he shall not leave the territorial jurisdiction of this Court without prior permission. (GNS)