The Kashmir Crime Branch has filed a chargesheet against five individuals in connection with a Rs 60-lakh bank loan fraud, officials said on Sunday. The accused allegedly used forged revenue records and fabricated title documents to secure the loan from a bank in Srinagar.
Details of the Fraud
According to the Crime Branch, the fraud came to light during a routine audit at the bank. The accused had submitted fake land title documents and manipulated revenue records to show ownership of property that did not exist or was not legally theirs. The loan amount of Rs 60 lakh was disbursed based on these fraudulent documents.
After the loan default, the bank conducted an internal probe and found discrepancies in the documentation. A formal complaint was lodged with the Crime Branch, which registered a case under relevant sections of the Indian Penal Code and the Prevention of Corruption Act.
Investigation and Chargesheet
The investigation revealed that the accused had colluded with each other to prepare fake revenue extracts and title deeds. A Crime Branch spokesperson said, "The accused have been chargesheeted for criminal conspiracy, cheating, forgery, and using forged documents as genuine." The chargesheet was submitted before a court in Srinagar on Saturday.
The five accused include the main loan applicant, two property dealers, a bank official, and a private document preparer. Their roles in the fraud have been detailed in the chargesheet, which runs into over 200 pages.
Legal Proceedings
The court has taken cognizance of the chargesheet and issued summons to the accused for the next hearing. The Crime Branch has also sought the court's permission to further investigate the role of other bank employees who may have been involved.
This case highlights the vulnerability of banks to loan frauds involving forged documents. The Crime Branch has urged banks to strengthen their verification processes to prevent such incidents.
