Srinagar, July 5, KNT: The Economic Offences Wing (EOW), Kashmir, of the Crime Branch Jammu and Kashmir has filed a chargesheet against five persons for allegedly securing bank loans worth ₹60 lakh from J&K Bank by using forged revenue records and fabricated title documents.

The chargesheet in FIR No. 05/2019, registered under Sections 420, 467, 468, 471 and 120-B of the Ranbir Penal Code (RPC), was filed before the Court of the Chief Judicial Magistrate, Srinagar, against Sheikh Samiullah of Arampora Nawakadal, Abdul Ahad Bhat of Mufti Bagh Harwan, Ghulam Nabi Baqal of Saderabal Hazratbal, Mushtaq Ahmad Sofi of HMT Zainakote and Sartaj Ahmad Hakeem of Nai Sadak Habba Kadal.

According to the Crime Branch, the investigation was initiated following a complaint from J&K Bank alleging that the accused had fraudulently obtained a term loan of ₹30 lakh from the bank’s Zainakote Branch and a cash credit facility of another ₹30 lakh from its Residency Road Branch in 2007 by mortgaging properties on the basis of forged ownership and revenue documents.

The agency said that after the borrowers defaulted on repayment, verification conducted by the Revenue Department established that the mortgage deeds, title documents and revenue extracts submitted to the bank were forged.

During the investigation, the Economic Offences Wing allegedly established that the accused, led by Sheikh Samiullah, entered into a criminal conspiracy to deceive the bank by furnishing fabricated documents to obtain the loans and subsequently misappropriated the borrowed amount.

Following completion of the investigation and other legal formalities, the Crime Branch presented the chargesheet before the competent court for judicial determination. [KNT]