Ex-manager SIDCO and two others in J

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Srinagar, Jan 20 (UNI) Jammu and Kashmir police Crime Branch (CB) has produced a charge sheet in a local court against former manager of State Industrial Development Corporation (SIDCO) and two others in a cheating case.

A spokesman of the CB said a complaint was received that a manager and two other people had withdrawn loan worth lakhs of rupees from the SIDCO fraudulently for an industrial unit which never existed.

He said an FIR was received and during the investigation the CB found that lakhs of rupees have been sanctioned in favour of one Nazir Ahmad Wani, proprietor M/S Modern toy Electronics Rangreth.

After checking the documents and other evidence, the CB found that a former manager of SIDCO Zafar Ahmad Jalali sanctioned huge amount of loan in Wani for setting up an industrial unit.

The machinery for the unit was shown to have acquired from Shakeel-ur-Rehman a resident of Budshahnagar, Natipora proprietor Himaliyan, Srinagar.

Similarly a cheque was issued in favour of Shakeel, the Crime Branch said, adding the accused Jalali had violated all norms to ensure fraudulent disbursement of the loan in favour of Wani.

The CB said the accused have subjected SIDCO to loss by preparing and producing fake and forged documents.

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