Srinagar, July 5: The Economic Offences Wing (EOW) Kashmir of the Crime Branch, Jammu and Kashmir, has filed a chargesheet against five individuals in connection with an alleged ₹60 lakh bank loan fraud involving forged revenue records and fabricated property documents.
The chargesheet was submitted before the Chief Judicial Magistrate, Srinagar, in FIR No. 05/2019 registered 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 case originated from a complaint filed by J&K Bank alleging that the accused fraudulently obtained a term loan of ₹30 lakh from the bank’s Zainkote Branch and an additional cash credit facility of ₹30 lakh from its Residency Road Branch in 2007 by mortgaging immovable properties using forged revenue records and fake title documents.
The investigation found that after securing the loans, the borrowers failed to repay the amounts. Verification by the Revenue Department later confirmed that the mortgage deeds, revenue extracts and ownership documents submitted to the bank were forged and fabricated.
Investigators further alleged that the accused, led by Sheikh Samiullah, entered into a criminal conspiracy to deceive the bank by using forged documents to unlawfully obtain the loans and misappropriate the sanctioned funds, causing significant financial loss to the bank.
Following completion of the investigation, the Economic Offences Wing filed the chargesheet before the competent court for further judicial proceedings against all five accused.
The Crime Branch has also appealed to the public to remain vigilant against financial and economic frauds and to report such offences promptly to the Senior Superintendent of Police, Economic Offences Wing, Kashmir. Victims of financial fraud have also been advised to submit complaints through the EOW’s official email for appropriate legal action.
