Jammu and Kashmir: Former Bank Manager Arrested in Massive Loan Fraud
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Synopsis
Jammu's Crime Branch has detained a former bank manager and four accomplices for their roles in a significant loan scam, totaling ₹5 crore. The investigation revealed fraudulent activities linked to fake accounts and impersonation of government employees.
Key Takeaways
- Crime Branch arrested five individuals in a loan scam.
- Allegations include activation of inactive accounts.
- Fraudulent loans amounted to ₹5 crore.
- Accused impersonated government employees.
- Previous instances of bank fraud in Jammu and Kashmir.
Jammu, Feb 18 (NationPress) The Crime Branch of the Jammu and Kashmir Police apprehended a former bank manager along with four other individuals in connection with an alleged multi-crore loan scam, according to officials.
A statement from the crime branch revealed that a case was initiated in 2023 following a formal complaint by Mohammad Shakeel, the chief manager of the supervision and control division of the Jammu and Kashmir Bank's Jammu zonal office.
“The complainant claimed that Saleem Yousuf Bhatti, a contractual worker of the Integrated Watershed Management Programme in Poonch, along with others, managed to activate inactive accounts of the watershed committee at the bank's Lassana branch in Surankote.
“The accused are alleged to have altered the account designations, issued forged salary certificates, and provided fake confirmation letters to various non-existent employees, enabling them to secure personal loans, cash-credit loans, and car loans by masquerading as government employees,” a Crime Branch spokesperson stated.
“They also fraudulently opened government accounts at the bank's branches located at Mendhar and Mendhar Bus Stand.
“Initially, they deposited funds through various banks into the watershed committee accounts and the fictitious accounts they created, issuing forged authority letters to instruct the branches to disburse and credit salaries into their individual accounts. This scheme allowed them to fraudulently obtain loans totaling ₹5 crore from different branches of the Jammu and Kashmir Bank, inflicting significant wrongful losses on the institution.”
“Continuing with its investigation, the crime branch apprehended five suspects, including the then manager (scale-II) of the bank's Rajouri branch, Jatinder Singh (now demoted), impersonators Mohammad Kabir, Mohammad Zafeer Khan, and Zafar Iqbal of Poonch, along with Mohammad Shakeel of Rajouri,” the statement noted.
Numerous instances of fraud have been reported involving certain bank officials from various banks operating in Jammu and Kashmir, amounting to crores of rupees.
In many of these cases, thorough investigations by the crime branch have led to the arrest of the culprits and provided justice to the victims.
