JAMMU, Jan 9: Justice Javed Iqbal Wani quashed 250 crores money laundering case against former Chairman of Jammu and Kashmir State Co-operative Bank Limited Mohammad Shafi Dar and Chairman of River Jhelum Co-operative House Building Society, Hilal Ahmad Mir,and Abdul Hamid Hajam.
Justice Javed Iqbal Wani after hearing both the sides observed that what emanates from the above is that none of the ingredients of the offence of money-laundering against the petitioners herein is found to be existing in the present case, more so in view of the fact that an act of mortgaging the property with the Bank for securing the loan that is said to have been obtained fraudulently without following Banking rules and regulations cannot by any stretch of imagination be termed as money-laundering and that the act of the petitioners herein of having fraudulently secured loan for development and establishment of satellite township by submitting false documents, at the most makes out a case for forgery or Bank fraud.
For what has been observed, considered and analyzed hereinabove, the instant petitions succeed, as a consequence whereof, the impugned complaints qua the petitioners in both the petitions are quashed, Court ordered
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