Srinagar, Jan 23 (UNI) A local court here today listed the criminal complaint filed by the Jammu and Kashmir Bank against the trustees of Imam Hussain Foundation (IHF) for March 22, for defaulting in repayment of Rs seven crore loan The Impaired Asset Recovery (IAR) branch of the bank had filed a criminal case against the trustees of Imam Hussain Foundation Tanveer-ul- Sadiqueen, Miza Nasir Ali, Mohammad Yousuf Hussaini, Nazir Ahmed Dar, Haji Mohammad Ismail, Syed Shabiar Ahmed Rizvi and Shabir Mustafa for defaulting in returning the loan amount.
The chief Judicial Magistrate ordered the accused to furnish personal bonds to the tune of Rs 7000 each when the case came up for hearing. The accused, who had failed to appear before the court during earlier hearing, furnished the bonds and the case was fixed for March 22 for arguments.
The bank in the case alleged that the trustees of the IHF, a voluntary organisation, sought financial assistance from the bank for establishment of a trust to create, run and manage a medical college and a hospital here.
However, the trustees failed to obtain the Medical Council of Indias Recognition for set up of a medical college and a hospital and the required affiliation with Kashmir University as well.
It further said the accused hatched a conspiracy to seek financial gains for themselves and cause wrongful loss to the bank and also exploited the public sentiment, amounting to criminal breach of trust.
They had ulterior malafide intentions to misappropriate the funds and loan for personal gains, added in the complaint of the bank.
The bank complaint said the bunglings in the IHF were also investigated by the new management of the trust which held the accused liable of misappropriation of funds.
Not only this, the accused have also exploited the sentiments attached with the name of Imam Hussain, grand son of Prophet Mohammad, with the objective that nobody suspects their malafide intentions, the complaint said.
UNI BAS YSS KK RN1917