The special anti-corruption court here has rejected bail application of Abdul Hamid Hajam, Secretary River Jhelum Cooperative House Building Society in Rs 250 crore bank loan scam.
After hearing special public prosecutors Ghulam Jeelani, Riaz Ahmad, and defence counsel, the special anti-corruption judge, RN Watal said management of the fake Society represented by Hajam as Secretary under a well planned conspiracy and with malafide intention was meant to siphon the funds to the tune of crores.
The court said the land in question was not transferred to the so-called fictitious society by proper conveyance mode and also the land in question could not be mortgaged to the bank.
The court said investigation has established that the Society was not registered at all with the office of Registrar or Additional Registrar Cooperative Societies Srinagar.
The court said as per the FSL report, the signatures of then Additional Registrar Cooperative Societies Kashmir, Nazir Ahmad Pandit have been found forged on the purported registration certificate of the Society, having contradictory dates of registration.
“Also the signatures and writings of Muhammad Shafi Dar the then Chairman JKSTC Srinagar and Hilal Ahmad Mir, Chairman of the fictitious Society, Abdul Hamid Hajam Secretary of the fictitious Society on the society documents seeking loan and bank documents granting loan have been confirmed in the forensic opinion obtained,” the court said.
The court said during investigation on the basis of oral, documentary and expert evidence which established the offences committed by the accused persons along with petitioner in furtherance of criminal conspiracy by defrauding the J&K Cooperative Bank on the basis of false and forged documents and by violating the banking rules and regulations and thereby causing loss of Rs 223 crores plus interest to the government exchequer.
The court observed that allegations were well founded and on face of prove the complexity of the petitioner as was revealed from the police report and chargesheet.
The court said serious allegations in nature speak about the volumes as to how the accused persons including the petitioner, pursuant to criminal conspiracy adopted fraudulent and illegal means to siphon huge public money.
“That money was specially meant to be used for marginalized sections of society as per the object for which the Cooperative banks have been made operational. On this count the petitioner does not deserve the concession of bail at this stage,” the court said.