CBK produces chargesheet against former bank employee in loan fraud case
Srinagar: The Crime Branch Kashmir on Friday filed a charge-sheet against a bank executive from Srinagar for allegedly raising unauthorized loans and using the amount so withdrawn for personal uses and share trading through fraudulent means.
As per a CBK spokesman, the charge-sheet was filed in the Court of Special Judge Anti-Corruption Kashmir Srinagar against Zahoor Ahmad Khan, son of Ghulam Rasool, a resident of New Colony, Saida Kadal Srinagar, then working as Associate Executive in J&K Bank for “fraudulently and dishonestly raising unauthorized loans and using the amount so withdrawn for personal uses and share trading”.
The Crime Branch Kashmir had received a complaint from Branch Head J&K Bank Residency Road Srinagar wherein it was stated that on the basis of preliminary enquiry conducted by the bank, it was established that the accused had dishonestly and fraudulently raised eight unauthorized loans against the deposits which do not exist in bank records.
These loans were raised in the name of staff members, his brothers and sisters by the accused, who used the amount drawn therein for personnel use, the CBK said.
Accordingly, a case (FIR No. 06/2009 U/S 409, 420, 468, 471 RPC) was registered in Police Station CBK on March 03, 2009 and investigation was taken up.
“During the course of investigation, it was established that staff loan accounts have been opened fraudulently without completing prescribed formalities by the accused, particularly in the name of his close relatives and colleagues through use of their user passwords without their knowledge, deceitfully and dishonestly in the capacity of System manager and Advance manager of the said branch due to flaws of the then newly introduced B2K software system and non-existence of message alert mechanism, which was exploited by accused to commit these fraudulent actions/transactions,” the CBK said.
As per the CBK, the accused got 15 consumption loans sanctioned in the name of different persons without following requisite formalities and credited a part of the sanctioned amount to other different accounts where from accused withdrew the same fraudulently for his personal use.
The investigation also established the illegal credit of Rs 5 lakh through anywhere parking of J&K Bank Branch Kupwara to a personal account at Srinagar by the accused which was however debited by the concerned bank authorities immediately after detection of fraud, added the CBK.
The investigation, as per the CBK, also established that the accused had fraudulently drawn an amount of Rs 1.88 lakh from any parking account of the J&K Bank Branch Kupwara and misappropriated the same.
The accused was terminated from the J&K Bank on October 28, 2009 on the report of a full-fledged departmental enquiry.
The CBK said that during the course of investigation relevant records were obtained and seized even as statements of concerned bank officers/officials were also recorded which corroborate the commission of offences by the accused.
