Seven suspects in a loan fraud case have been formally charged by Srinagar’s Special Crime Wing (Crime Branch).
An official statement claims that seven people were charged in connection with case FIR No. 59 of 2007 before the court of city Judge Srinagar: 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
Crime Branch Kashmir received a complaint from the Deputy Commissioner of Budgam about the issuance of a loan of 48 lakhs from the Indian Overseas Bank at their branch in Dalgate, Srinagar, which was based on forged revenue documents for the mortgaged property, according to the statement.
“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 says.
In order to carry out their plot, Sheikh Samiullah and the beneficiary bought four kanals of land in Bugroo Khansahib Budgam and secured the revenue paperwork from the relevant authorities so that they could use the land as collateral for a mortgage.
“Sheikh Samiullah forged these revenue documents by switching out Bugroo for Bemina Srinagar, where the rate of land is significantly higher than in Bugroo Khansahib,” the prosecutor wrote. The bank manager, deputy manager and legal adviser of Indian Overseas Bank Dalgate aided the main accused in obtaining a loan of Rs 48 lakhs without scrutinising the papers presented by the latter.
The document continued by saying that Sheikh Samiullah’s wife, Mst. Neelam Jan, was listed as the proprietor of Mst. Oriental Stores H.S.H.S. Srinagar on the loan application, so he was able to open a bank account in her name at J-K Bank Ganpatyar Srinagar.
The loan sum was placed into this account by Indian Overseas Bank Dalgate Srinagar as the provider of machinery, however Sheikh Samiullah never made a loan repayment.
Case FIR No. 05/2019 U/S 420,468,471,120 (B) RPC P/S Economic Offences Wing, Crime Branch Srinagar states the principal beneficiary of the scam Sheikh Samiullah is a known fraudster who is also sought in that case.
“In case FIR No. 34 of 2015, which is now being tried, the Court of Principal & District Sessions Judge, Srinagar, has designated him as a “Proclaimed Offender.”
