Jammu: The Jammu and Kashmir and Ladakh High Court, led by Justice Javed Iqbal Wani, has quashed the FIR filed against Raj Singh Ghelot in the alleged Rs. 300 crore loan scam involving J&K Bank.
The Anti-Corruption Bureau (ACB) had initiated the probe after allegations surfaced that J&K Bank officials, in collusion with M/s Ambience Towers Pvt. Ltd., sanctioned and disbursed an inflated loan to the firm. The loan, initially sanctioned at Rs. 258 crore, was later increased to Rs. 300 crore despite procedural lapses and lack of proper documentation.
The court observed that the investigation had made no substantial progress over four years and found no evidence linking Ghelot to the alleged offenses. It concluded that the case primarily involved procedural lapses and not criminal misconduct, as no loss was incurred by the bank. The FIR was quashed concerning Ghelot, citing a lack of incriminating material against him.
