Srinagar, July 5: The Economic Offences Wing (EOW) Kashmir of the Crime Branch, Jammu and Kashmir, has filed a chargesheet in a major bank loan fraud case involving alleged fraudulent procurement of loans worth ₹60 lakh through forged revenue records and fabricated property documents.
The chargesheet has been filed before the Chief Judicial Magistrate, Srinagar, in connection with FIR No. 05/2019 registered under Sections 420, 467, 468, 471 and 120-B of the Ranbir Penal Code (RPC).
The accused named in the chargesheet are Sheikh Samiullah of Arampora Nawakadal, Srinagar, Abdul Ahad Bhat of Mufti Bagh Harwan, Ghulam Nabi Baqal of Saderabal Hazratbal, Mushtaq Ahmad Sofi of HMT Zainkote, Srinagar, and Sartaj Ahmad Hakeem of Nai Sadak Habba Kadal, Srinagar.
According to the Crime Branch, the investigation was initiated following a complaint lodged by J&K Bank, alleging that the accused had fraudulently secured a term loan of ₹30 lakh from the bank’s Zainkote Branch and a cash credit facility of another ₹30 lakh from its Residency Road Branch in 2007 by mortgaging immovable properties on the basis of forged revenue records and fake title documents.
The investigation revealed that after availing the loans, the borrowers defaulted on repayment. Subsequent verification conducted by the Revenue Department confirmed that the mortgage deeds, revenue extracts and related ownership documents submitted to the bank were forged and fabricated.
The probe further established that the accused, led by Sheikh Samiullah, allegedly entered into a criminal conspiracy to deceive the bank by using forged documents, thereby dishonestly obtaining the loans and misappropriating the sanctioned amount, causing substantial financial loss to the banking institution.
Following completion of the investigation, the Economic Offences Wing filed the chargesheet before the competent court for judicial proceedings against all the accused.
Meanwhile, the Crime Branch has urged members of the public to remain alert against economic and financial frauds and immediately report such offences to the Senior Superintendent of Police, Economic Offences Wing, Kashmir. Victims of financial fraud can also submit complaints through the official email address of the EOW for appropriate legal action.(KNC)
