Rs 60 Lakh J&K Bank Fraud: EOW Files Chargesheet Against 5 Srinagar Residents

Srinagar, July 5: The Economic Offences Wing (EOW) Kashmir, Crime Branch J&K, has filed a chargesheet before the Chief Judicial Magistrate Court Srinagar against five persons for allegedly securing bank loans worth Rs 60 lakh through forged documents.

An official told that the chargesheet has been filed in FIR No. 05/2019 under Sections 420, 467, 468, 471 and 120-B RPC against Sheikh Samiullah S/o Ab Rashid Sheikh of Arampora Nawakadal, Ab. Ahad Bhat S/o Gh Mohidin Bhat of Mufti Bagh Harwan, Ghulam Nabi Baqal S/o Gh Rasool Baqal of Saderabal A Hazratbal, Mushtaq Ahmad Sofi S/o Mohd Yasin Sofi of HMT Zainkote and Sartaj Ahmad Hakeem S/o Ab Razak Hakeem of Nai Sadak Habba Kadal, all residents of Srinagar.

The EOW said that the investigation was initiated after J&K Bank lodged a complaint alleging that the accused obtained a term loan of Rs 30 lakh from its Zainkote Branch and a cash credit facility of Rs 30 lakh from its Residency Road Branch in 2007. The loans were allegedly secured by mortgaging properties on the basis of fake revenue records and fabricated title documents.

The borrowers later defaulted. Verification by revenue authorities subsequently confirmed that the mortgage documents and revenue extracts were forged.

Investigation established that accused Sheikh Samiullah, in connivance with the others, acted in conspiracy to deceive the bank and misappropriate the loan amount.

The EOW has advised the general public to remain vigilant against economic fraudsters and report any such incidents to the SSP, EOW Kashmir, Crime Branch J&K. Victims of economic fraud can also submit complaints via email at [email protected], reads the statement.(GNS)