The Anti-Corruption Bureau (ACB), constituted by the Jammu and Kashmir Governor’s administration, on Saturday registered an FIR against Srinagar Municipal Corporation (SMC) Deputy Mayor Sheikh Imran, officers of the J&K Bank and State government officials for “misappropriating subsidies worth crores of rupees to benefit Imran’s firm, the Kehwa Group”.A spokesman for the ACB said the FIR was lodged under the Prevention of Corruption Act for “illegal appropriation of subsidy with inflated project cost for establishment of a cold storage at Lassipora, Pulwama.”“An enquiry revealed that to usurp the subsidy component under the garb of promoting horticulture, with the connivance of the Horticulture Department officers and bank officials, the proprietor and his partners declared the facility as a non-performing asset without paying even a single instalment towards the bank. The cost of the project assessed was found much lower than the projected cost,” said the ACB. The project was submitted by Mr. Imran, also the director of Kehwa Square Private. The FIR said the company “inflated the project cost in connivance with the officers to misappropriate government subsidy of ₹16.50 crore”.The ACB said the group got its loan of ₹138 crore from the J&K Bank restructured to ₹78 crore. After a one-time settlement, surreptitiously approved by bank officials, the group’s second instalment of ₹55 crore was further reduced to ₹27 crore, the Bureau added. “The involved bank officers and a joint inspection team of government officials misused their position to confer undue monetary advantage to Kehwa group and help it illegally appropriate crores from the State exchequer,” ACB officials said.