JAMMU, June 29: The Economic Offences Wing (EOW) of the Crime Branch Jammu has registered an FIR in connection with an alleged financial fraud involving more than ₹68 lakh in the Jammu and Kashmir Grameen Bank after an internal vigilance inquiry unearthed suspected fake loan accounts, unauthorized transactions and diversion of funds at two bank branches.
According to official sources, the FIR has been registered under Sections 420 (Cheating) and 120-B (Criminal Conspiracy) of the Indian Penal Code following complaints received through the Crime Headquarters from the Director of the Anti-Corruption Bureau. The complaints were originally filed by the Chief of Audits, Inspection and Vigilance of J&K Grameen Bank.
The preliminary inquiry revealed serious irregularities at the Kaluchak and Surankote branches of the bank. At the Kaluchak branch, investigators found that 58 loan accounts under 15 Joint Liability Groups (JLGs) along with two Cash Credit Limit accounts were allegedly opened and operated fraudulently without the knowledge or consent of the concerned account holders, leading to an estimated loss of around ₹42 lakh.
The inquiry further disclosed that forged signatures, fake documentation, unauthorized withdrawals and diversion of loan proceeds were allegedly used to siphon off funds. Investigators also found instances where loan amounts were credited and utilized without the knowledge of genuine beneficiaries.
At the Surankote branch, the vigilance probe uncovered additional financial irregularities involving loan disbursements and misuse of banking procedures, taking the total suspected fraud to over ₹68 lakh. Officials stated that some bank employees and other individuals are suspected to have acted in criminal conspiracy in executing the fraudulent transactions.
Crime Branch officials said a detailed investigation has been initiated to identify all persons involved, trace the diverted funds, examine the role of bank officials and beneficiaries, and determine whether the fraud extends beyond the identified accounts. Further legal action will be taken based on the outcome of the investigation.(KNC)
