Srinagar, July 5: The Economic Offences Wing (EOW) Kashmir of the Crime Branch, Jammu and Kashmir, has filed a chargesheet in connection with a ₹60 lakh bank loan fraud case involving the alleged use of forged revenue records and fabricated title documents to secure loans from J&K Bank.
The chargesheet has been filed before the Court of the Chief Judicial Magistrate, Srinagar, in FIR No. 05/2019 under Sections 420, 467, 468, 471 and 120-B of the Ranbir Penal Code (RPC).
The accused have been identified as 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, all residents of Srinagar.
According to the Crime Branch, the investigation was initiated following a complaint by J&K Bank alleging that the accused had 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 properties using forged revenue records and fake title documents.
The borrowers allegedly defaulted on the loans, prompting the bank to verify the mortgaged documents through the revenue authorities. The verification confirmed that the revenue extracts and mortgage documents submitted to the bank were forged.
The investigation further revealed that the accused, led by Sheikh Samiullah, allegedly acted in criminal conspiracy to deceive the bank and misappropriate the loan amount, the EOW said.
The Economic Offences Wing has advised the public to remain vigilant against financial fraud and urged citizens to report such offences to the SSP, EOW Kashmir, Crime Branch J&K. Victims of economic fraud can also submit complaints via email at [email protected].
