CB files chargesheet against seven accused in loan fraud case

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Special Crime Wing (Crime Branch) Srinagar has produced charge sheet against seven accused persons in a court in loan fraud case.

According to a statement, the chargesheet was filed in case FIR No. 59 of 2007 before the court of city Judge Srinagar against 07 accused persons namely Sheikh Samiullah S/O Abdul Rashid Sheikh @ Abdullah R/O Nawa Kadal Srinagar, Madal Lal Sharma S/O K.C Sharma R/O Presently 196 A Ghandhi Nagar Jammu, Nisar Ahmad R/O Shaheed Gunj Srinagar, 4) Mst. Sheikh Neelam Jan R/O HMT Srinagar, Mohd Sayed Sheikh S/O late Gh. Mohammad R/O Natipora Srinagar, Mudur Kumar Naigi S/O Chander Singh Naigi R/O 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 statement reads that 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 lakhs by Indian Overseas Bank Branch Dalgate, Srinagar on the basis of fake and forged revenue documents of a mortgaged land.

“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,” it reads.

It reads that in furtherance of this conspiracy Sheikh Samiullah and the beneficiary purchased 04 Kanals of land at Bugroo Khansahib Budgam and obtained the revenue papers of the said land from concerned revenue authorities for mortgaging the said 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.”

It added that as the loan application mentioned that machinery and 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 Mst 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.”

It further reads that 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.” (KNO)

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