Srinagar: Crime Branch Srinagar has produced a chargesheet against seven accused persons in a loan fraud case.
A spokesperson said that the Special Crime Wing (Crime Branch) Srinagar produced a charge sheet of case FIR No. 59 of 2007 before the Court of City Judge Srinagar against 7 accused persons.
They have been identified as Sheikh Samiullah resident of Nawa Kadal Srinagar, Madal Lal Sharma of 196 A Ghandhi Nagar Jammu, Nisar Ahmad of Shaheed Gunj Srinagar, Sheikh Neelam Jan of HMT Srinagar, Mohd Sayed Sheikh of Natipora Srinagar, Mudur Kumar Naigi of Utrakhand (A/P Panchkola Haryana) and the beneficiary (now deceased) for their involvement in commission of offences punishable under section 420,467,468,471,201 read with 120-B RPC.
“The instant case was registered in Crime Branch Kashmir, on a complaint lodged by Deputy Commissioner Budgam regarding sanction of loan to the tune of Rupees 48 lakh by Indian Overseas Bank Branch Dalgate, Srinagar on the basis of fake and forged revenue documents of a mortgaged land”, he said.
“During investigation of the case it was established that in the year 2006 Sheikh Samiullah along with his uncle (now deceased), then Manager and Assistant Manager of Indian Overseas Bank hatched a criminal conspiracy whereby the beneficiary applied for a loan for the purchase of photography machinery for a non-existent room of a non-existent firm by the name and style Afreen Productions Zero Bridge Srinagar.”
The spokesperson said that in furtherance of this conspiracy Sheikh Samiullah and the beneficiary purchased 4 Kanals of land at Bugroo Khansahib Budgam and obtained the revenue papers of “the said land from concerned revenue authorities for mortgaging the property.”
Sheikh Samiullah forged these “revenue documents” by replacing Bugroo with Bemina Srinagar owing to the fact that rate of land is much higher at Bemina as compared to Bugroo Khansahib. Bank Manager, Deputy Manager and legal advisor of Indian Overseas Bank Dalgate without verifying these documents facilitated the main accused in availing loan to the tune of Rs. 48 lakhs.”
He said that as the loan application mentioned that machinery, equipment for M/S Afreen Productions had been obtained from M/S Oriental Stores Hari Singh High Street Srinagar, Sheikh Samiullah managed to open a Bank account at J&K Bank Ganpatyar Srinagar in the name of his wife Neelam Jan mentioning her as Prop. of M/S Oriental Stores H.S.H.S Srinagar.
Indian Overseas Bank Dalgate Srinagar transferred the sanctioned loan amount into this account being the supplier of machinery, which was withdrawn by Sheikh Samiullah and not a single repayment was made towards the loan.
“Main beneficiary of the fraud Sheikh Samiullah is a known fraudster, who is also wanted in Case FIR No. 05/2019 U/S 420,468,471,120 (B) RPC P/S Economic Offences Wing, Crime Branch Srinagar, which is under investigation.The Court of Principal & District Sessions Judge, Srinagar has declared him as a “Proclaimed Offender” in case FIR No. 34 of 2015, which is under trial,” a statement said.