Kashmir Crime Branch chargesheets five in Rs 60-lakh bank loan fraud

The chargesheet, filed before the Court of the Chief Judicial Magistrate, Srinagar, under Sections 420, 467, 468, 471 and 120-B of the Ranbir Penal Code, names Sheikh Samiullah, Abdul Ahad Bhat, Ghulam Nabi Baqal, Mushtaq Ahmad Sofi and Sartaj Ahmad Hakeem for allegedly securing bank loans using forged revenue records and fabricated title documents.

The investigation was initiated following a complaint by J&K Bank alleging that the accused had obtained a term loan of Rs 30 lakh from its Zainakote branch and a cash credit facility of Rs 30 lakh from its Residency Road branch in 2007 by mortgaging properties on the basis of fake documents.

"The borrowers subsequently defaulted, and verification by the revenue authorities confirmed that the mortgage documents and revenue extracts were forged. Investigation established that Sheikh Samiullah, in connivance with the other accused, entered into a criminal conspiracy to deceive the bank and misappropriate the loan amount," an official statement said.

The Crime Branch advised the public to remain vigilant against economic fraud and report such incidents to the Senior Superintendent of Police, Economic Offences Wing, Crime Branch Kashmir.