MD Anantnag Cooperative Bank attached over corruption allegations

Srinagar, Nov 14: The Managing Director of the Anantnag Central Cooperative Bank has been attached amid an inquiry into alleged graft and financial corruption, officials said Friday.

Muzafar Sultan Dar was relieved of his duties after the administration ordered a formal probe under Order No. 54-JK(Coop) of 2025, dated November 4.

According to an order accessed by Greater Kashmir, Registrar Cooperative Societies J&K, Mohammad Shafi Chak, has been appointed interim managing director of the bank.

“Consequent upon an inquiry initiated against Muhammad Sultan, Managing Director, Anantnag Central Cooperative Bank, Muhammad Shafi Chak, is hereby appointed as interim MD of the bank,” it said.

Officials said Dar is facing “serious allegations” of corruption and misappropriation during his tenure. The specifics of the alleged financial irregularities have not been disclosed, but the inquiry is expected to examine a range of transactions and administrative decisions taken under his leadership.

An official said that the government’s intent to ensure accountability and restore confidence in the institution, the Anantnag Central Cooperative Bank has also issued an advertisement inviting applications for a new managing director.

“The inquiry has been initiated and is expected to proceed immediately”.