Srinagar, May 16: In a major development, government on Saturday overhauled state co-operative bank by sacking its incumbent chairman.
Sources privy to the development told news agency—Kashmir News Observer (KNO), that a meeting of board of management (BoM) was held today at civil secretariat Srinagar which was presided over by Divisional Commissioner Kashmir P K Pole and was attended additional registrar co-operatives and other members.
They said that incumbent chairman, Mohammad Shafi Dar who was in news last month for allegedly sanctioning a huge loan amount of Rs 300 crore to a firm without proper mortgage and legal formalities. Dar has also been accused of backdoor appointments in the bank.
“Government had ordered an inquiry in the matter and anti-corruption bureau (ACB) was investigating the matter. The investigation is, however, still going,” they said.
Sources said that BoM sacked Dar and two other senior officers of the bank that include managing director Mohammad Latief who has been attached with divisional commissioner Kashmir’s office and General Manager Abdul Rashid Mir.
They said that divisional commissioner Kashmir has been given the charge of chairmanship of co-operative bank while additional commissioner Kashmir, Tasaduq Mir has been appointed as MD and KAS officer, Mushtaq Ahmad will be new General Manager of the Bank.
Secretary co-operatives Asif khan while talking to KNO said that he is not aware of this development but whatever steps are being taken will be in the interest of public and to safeguard public money for better purpose.