Loan scandal unearthed
Islamabad (Anantnag), May 1: Police on Tuesday claimed to have unearthed a Rs 1 crore auto loan scam in this South Kashmir district.
The scandal allegedly involves General Manager of Central Cooperative Bank, Mehendi Kadal, Islamabad (Anantnag) and two loan brokers.
“The scam surfaced after Muhamad Shaban Khanday of Anchidora, Islamabad approached with a complaint that some persons have availed loan from Central Cooperative Bank, Islamabad against his name without his knowledge,” Senior Superintendent of Police, RK Jalla told media persons here.
He said that FIR bearing registration number 136/12 under section 420, 468 and 471 RPC was registered and during investigation it came to fore that the auto-loans were sanctioned on the names of dozens of persons without their knowledge.
“Police recovered fake letters of authority produced by some borrowers for the issuance of bank loan. Some of the borrowers have purchased the vehicles while some have not. The auto loans were sanctioned by the bank in favor of persons without their knowledge and the draft of the sanctioned loan was prepared in favor of unregistered firms, Khan Auto Deal, Old KMD Adda, Islamabad, Raj & Co, Islamabad and JK Car Centre, Barzulla, Srinagar,” the SSP said.
He said that investigations have also revealed the loans for some vehicles have been provided while as other banks had already granted loans for those vehicles. “A 2003 model Scorpio bearing number JK01 K-1062 has been mentioned as 2008 model during the preparation of loan case. Khan Auto Deal owned by Bilal Ahmad Khan alias Pina Khan has obtained the auto loan and has not purchased the vehicle as per norms and thus lakhs of rupees embezzled,” SSP revealed.
He said that dozens of borrowers have produced affidavits before the present General Manager that they have neither applied for the loan nor purchased any vehicle.
Lastupdate on : Tue, 1 May 2012 21:30:00 Makkah time
Lastupdate on : Tue, 1 May 2012 18:30:00 GMT
Lastupdate on : Wed, 2 May 2012 00:00:00 IST
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