Former Chairman of J&K Cooperative Bank, held by Ed

Authorities in Jammu and Kashmir have reported that Mohammad Shafi Dar, the former chairman of J&K Co-operative Bank, has been arrested by the Enforcement Directorate (ED) in relation to a money laundering case of Rs 250 crore. Dar was detained along with Mohammad Hilal A Mir, the chairman of the “fictitious firm” River Jhelum Cooperative Housing Building Society. According to the officials, they will appear before a special court.

In connection with the case, the ED allegedly carried out searches, including one at Dar’s home, and recovered material that implicated Dar.

According to the officials, the fraud was carried out under the guise of the “fictitious” River Jhelum Cooperative Housing Building Society.