Man held for availing loan from bank using fake documents

“After paying installments for sometime the accused turned defaulter.

GKNN
Srinagar, Publish Date: Feb 18 2018 2:03AM | Updated Date: Feb 18 2018 2:03AM
Man held for availing loan from bank using fake documentsRepresentational Pic

Police has arrested a person who was involved in availing loan of Rs 38 lakhs from Jammu and Kashmir Bank by using fake documents.

Police spokesperson in a statement said during investigation of case FIR No 11/2017 under sections 467, 468, 420 and 120B RPC of police station Kral Khud, police arrested one accused namely Sarfaraz Ahmad Hakeem son of Abdul Ahad resident of Illahi Bagh Soura on 14 February 2017.

“During further investigation of the case, it came to surface that the accused has availed a loan amount to the tune of 38 lakh rupees 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 three kanal 12 marlas and hypothecation of machinery purportedly to be acquired for said unit,” the spokesperson said. 

“After paying installments for sometime 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 was granted anticipatory bail by court which was challenged by SHO police station Kralkhud,” the police spokesperson said.  

“After strenuous efforts and viable arguments made before the court made no extension in the said order and subsequently 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,” he added.

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