Excelsior Correspondent
JAMMU, Aug 1: The Central Bureau of Investigations (CBI) today conducted simultaneous raids at Jammu, Chandigarh and Mumbai in connection with Rs 4 crores worth fraud committed by private persons in connivance with Bank of Baroda officials and recovered important and incriminating documents from the houses of accused.
The fraud was committed during the period 2007 to 2010.
Official sources told the Excelsior that the CBI teams today conducted simultaneous raids at Jammu, Chandigarh and Mumbai in the residences of Bank of Baroda officials and private persons involved in the scam.
Raids were conducted under the supervision of Dr Armandeep Singh, SSP CBI, J&K.
Accused Manzoor Hussain of Bhatindi had secured Rs 4 crores worth loans from Gandhi Nagar branch of Bank of Baroda for beekeeping on his own name and the names of his family members. For securing huge loans, Manzoor had produced fake documents of land mortgage.
The CBI also conducted raid in the house of Tilak Raj Dogra, the then Chief Manager of Bank of Baroda, posted at Gandhi Nagar branch at Phagwara and another Bank official Mr RK Bhardwaj at Zeerakpur, Chandigarh. Another house of a Bank official was searched at Mumbai.
Sources said even after the first loan of Manzoor Hussain had been turned ‘bad’, he continued to secure more loans on the name of his other family members for the same business.
“As the Bank officials were also involved in the scam, they continued to oblige Manzoor Ahmad without checking the documents of land produced by him for mortgage,’’ sources said. In total, Manzoor Hussain himself and on the names of his family members secured loans worth approximately Rs 4 crores including the interest amount due against him.
Manzoor had secured a total of 7 loans from the same bank, they added.
As Manzoor didn’t pay the amount, the new officials posted at Bank of Baroda sounded their top brass and formally a complaint was lodged with the CBI, which started investigations and unearthed the nexus between private persons and the Bank officials.
The CBI during investigations detected that such a fraud wouldn’t have been possible without the involvement of the Bank officials as the documents produced by Manzoor Hussain were forged and fake. He had kept stamps in his house, which have been seized He had used the stamps for making fictitious documents of land mortgage to secure the loan.
Sources said all fake documents used in procuring the loans have been seized from the bank authorities as well as Manzoor Hussain. During today’s raid also, the CBI seized number of important and incriminating documents from the house of Manzoor as well as Bank officials, some of whom have retired.
Sources said the CBI had obtained warrants from the court for conducting searches in the houses of private persons and the Bank officials.
A case against the accused has already been registered by the CBI. Further investigations would start after the scrutiny of seized documents. The accused would be called for questioning, they added.
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