Man booked for fraudulently procuring bank loan

Srinagar, Aug 11 (UNI) Jammu and Kashmir police Crime Branch (CB) has started proceedings against a person who has fraudlantly managed to get a loan of Rs 48 lakh from a bank.

A spokesman of the CB said that it received a complaint from Deputy Commissioner, Badgam, that one Ghulam Nabi Bhat, a resident of Safa Kadal, has managed a loan of Rs 48 lakh from Indian Overseas bank, Dalgate branch, by producing forged documents of a piece of land.

He said during the investigation it was established that Bhat had purchased four kanals of land in village Bugroo District Budgam, the cost of which was approximately Rs four lakh.

However,the accused, who had applied for a loan in the bank, mentioned Bemina instead of Bugroo. He later took the bank surveyor to Bemina instead of Bugroo for identification and assessment of cost of the property, he wanted to mortgage against the loan amount.

He said to ascertain the cost of the land the accused got the survey report by showing the surveyor the forged documents and somebody's land at National High Way Bypass Bemina.

He got a report from surveyor showing the cost of the land as Rs 80 lakh against which he was sanctioned Rs 48 lakh loan and the payment was released.

During investigation the CB further established that while sanctioning loan the bank authorities had not followed the rules and had been very lenient to the borrower.

The suspect thus in connivance with officials of bank and revenue authorities has duped the bank to the tune of Rs 48 lakh.

The CB has registered a formal case against the accused and some officials of Over Seas Bank and Revenue Department.

UNI