IT raid at Dy Mayor's offices

MAJID NABI. Dated: 6/12/2019 11:19:54 AM

SRINAGAR, Jun 11: Sleuths of Income Tax (IT) department today raided private offices of Deputy Mayor Srinagar, Sheikh Imran at different locations here today.
Raids, officials said, were also conducted at the Bangalore and Delhi offices of the business group dealing with transportation, manufacturing of silk yarn, hospitality, retail trading of Kashmir arts and crafts.
Official sources said that the IT department raided three of the offices of Sheikh Imran located in Srinagar city including that of Bohri Kadal, Sangarmal shopping complex and his private office at Nowgam area on the city outskirts here this morning at around 8am. They said the raids continued till the afternoon.
Sources said the raids were conducted to scrutinize documents pertaining to the loan granted by the Jammu and Kashmir Bank which is under scanner after cessation of the former Chairman cum Managing Director.
The spokesman of Income tax Department, in a statement, said that the Income Tax Department conducted search and seizure operations on a prominent business group based in Srinagar, covering eight premises in Srinagar and one each at Bangalore and Delhi.
“None of the members of the group is regular in filing their Income Tax Returns. As a onetime settlement, the group has got their loans of Rs.170 crore with J&K Bank restructured for a sum of Rs.77 crore, out of which, payment of only Rs.50.34 crore to the J&K Bank has been made so far and balance of Rs.27.66 crore is yet to be paid,” he said.
During the search, he said, evidence has been detected indicating that the onetime settlement of the loan from J&K Bank has been done through the active connivance of a senior Bank officer who was receiving several out of turn promotions.
“Furthermore, evidence has also been unearthed indicating that the repayment of Rs.50.34 crore pertaining to the said loan has been green-fielded by the J&K Bank by granting loan of similar amount to an associate who has confessed to his role in layering the entire transaction,” added he.
He said that incriminating evidence has also been found with regards to the sale of undisclosed property amounting to Rs.22 crore and agreement to sell transport business for Rs.9.10 crore.
Besides documents related to undisclosed profit of Rs.15 to20 crore on account of sale of Cold Storage plant at Lassipora were also seized.
“The cost of this project was found to have been inflated to Rs.47 crore instead of the actual cost of Rs.17 crore, for claiming more subsidies from the government by raising inflated and bogus bills. The loan for this project was taken from J&K Bank,” said the spokesman.
He further said evidences regarding undisclosed properties at Sonamarg costing Rs.2.68 crore, Pahalgam Rs 3.55 crore and Bangalore Rs.1.00 crore were also collected. One shop in partnership in Delhi purchased for Rs.1.02 crore.
Spokesman said during the search, digital evidence has also been seized, analysis of which is in progress.
Meanwhile Sheikh Imran who is also Deputy Mayor of the city accompanied by Mayor Srinagar Municipal Corporation (SMC) appeared at Press Enclave this afternoon stating he is open to any scrutiny and is ready to cooperate with the probe agency in investigation.
“I have nothing to hide; yes raids were conducted at several locations however no seizure was done. I am open to scrutiny because I too want transparency in the system,” said Sheikh Imran.



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