Srinagar: The Economic Offences Wing (EOW) Kashmir of the Crime Branch, Jammu and Kashmir, has filed a chargesheet in an alleged bank loan fraud involving Rs 60 lakh before the Court of the Chief Judicial Magistrate, Srinagar.
According to an official statement, the chargesheet in FIR No. 05/2019, registered under Sections 420, 467, 468, 471 and 120-B of the Ranbir Penal Code (RPC), has been filed against Sheikh Samiullah of Arampora Nawakadal, Abdul Ahad Bhat of Mufti Bagh Harwan, Ghulam Nabi Baqal of Saderabal, Hazratbal, Mushtaq Ahmad Sofi of HMT Zainkote and Sartaj Ahmad Hakeem of Nai Sadak, Habba Kadal.
The case pertains to the alleged procurement of bank loans using forged revenue records and fabricated title documents.
The investigation was initiated following a complaint by J&K Bank alleging that the accused had 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 by mortgaging properties on the basis of allegedly forged documents.
According to the statement, the borrowers subsequently defaulted on the loans, and verification by the revenue authorities confirmed that the mortgage documents and revenue extracts submitted to the bank were forged.
The investigation allegedly established that the accused, led by Sheikh Samiullah, entered into a criminal conspiracy to deceive the bank and misappropriate the loan amount. The matter is now before the court.
