Excelsior Correspondent
SRINAGAR, Feb 17: Police arrested a fraudster who was involved in a scam of Jammu and Kashmir Bank loan and was evading arrest.
A Police spokesman said that during the investigation of a case, police arrested one Sarfaraz Ahmad Hakeem, a resident of Illahi Bagh Soura who was involved in a scam of J&K Bank.
“During the investigation of the case, it came to surface that the accused has availed a loan amount to the tune of Rs 38 lakh from J&K Bank, Branch Ganpatyar for the unit of photo editing under the brand name Edit World against the mortgage of land measuring 3 kanal and 12 marlas and hypothecation of machinery purportedly to be acquired for the unit,” he said.
He said after paying installments for some time, 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 the court which was challenged by SHO Police Station Kralkhud and after strenuous efforts and viable arguments; court made no extension in the order and subsequently the accused went into hiding who was nabbed by Srinagar police after strenuous efforts,” he said.
“The case seems to be part of a larger syndicate which after producing fake documents before the banks takes large amount of loan thereby fraudulently siphoning out the public money,” he added.
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