Crime Branch Srinagar files chargesheet against 7 accused in loan fraud case
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Crime Branch Srinagar files chargesheet against 7 accused in loan fraud case

Post by RK Online Desk on Wednesday, June 7, 2023

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Crime Branch Srinagar on Wednesday said that it has produced chargesheet against seven accused persons in a local court in loan fraud case. 

A Spokesperson said, "Special Crime Wing (Crime Branch) Srinagar produced charge sheet of case FIR No. 59 of 2007 before the Hon’ble Court of City Judge Srinagar on 06-06-2023 against 07 accused persons namely 1) Sheikh Samiullah S/O Abdul Rashid Sheikh @ Abdullah R/O Nawa Kadal Srinagar, 2) Madal Lal Sharma S/O K.C Sharma R/O Presently 196 A Ghandhi Nagar Jammu, 3) Nisar Ahmad R/O Shaheed Gunj Srinagar, 4) Mst. Sheikh Neelam Jan R/O HMT Srinagar, 5) Mohd Sayed Sheikh S/O late Gh. Mohammad R/O Natipora Srinagar, 6) Mudur Kumar Naigi S/O Chander Singh Naigi R/O Utrakhand A/P Panchkola Haryana and 7) 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 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 lacs by Indian Overseas Bank Branch Dalgate, Srinagar on the basis of fake and forged revenue documents of a mortgaged land", he said.

"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." 

The spokesperson said 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 lacs. 

He said that as the loan application mentioned that machinery/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.  

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 Hon’ble 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.