Srinagar: Jammu and Kashmir Police on Saturday said it has arresred a fraudulent who was involved in the scam of Jammu and Kashmir Bank Loan availed by using fake documents and was evading arrest.
Police had filed a case (FIR No 11/2017 under sections 467, 468, 420 and 120B RPC) in Police Station Kral Khud, Srinagar police. During the investigation, police arrested one accused Sarfaraz Ahmad Hakeem son of Abdul Ahad resident of Illahi Bagh Soura.
“During further investigation of the case, it came to surface that the accused has availed a loan amount to the tune of Rs 38 lakhs from Jammu and Kashmir Bank Ltd, Branch Ganpatyar for the unit of photo editing under the brand name Edit World against the mortgage of land measuring 3 kanal 12 marlas and hypothecation of machinery purportedly to be acquired for unit,” a police spokesman said.
After paying installments for some time, the spokesman said, the accused turned defaulter. “The concerned bank authorities could not take possession of the land and hypothecated items as the revenue documents were found to be fraud and the machinery to be hypothecated did not exist at all.”
The accused, the spokesman said, was granted anticipatory bail by court which was challenged by SHO Police Station Kralkhud and after strenuous efforts and viable arguments made before the court made, no extension in the order. Subsequently, the spokesman said, the accused went into hiding who was nabbed by Srinagar police after strenuous efforts.
“The case seems to be part of a larger syndicate which after producing fake documents before the banks take large amount of loan thereby fraudulently siphoning out the public money.”
