9 chargesheeted in fake finance companies cases in Leh

Srinagar, Oct 26 (UNI) The Crime Branch of the Jammu and Kashmir Police today produced a charge-sheet against nine accused who had collected money from people in Leh by floating fake non-banking finance companies - Kashmir Valley Finance and Investment Limited and Jammu and Kashmir Originated Finance Company.

A police spokesman said the Crime Branch concluded the prolonged investigations of two cases pertaining to massive embezzlement of public money by the management of the five companies.

The members of the managing body (Leh chapter) of Kashmir Valley Finance and Investment Limited Manzoor Ahmad Shah, Mohammad Iqbal Mir, Bashir Ahmad Mir and Mudassir Ahmad Wani and the members of the managing body (Leh chapter) of Originated Finance Company Limited Mohammad Sharief Mir, Farooq Ahmad Parray, Ghulam Mohammad Dar, Mukhtar Ahmad Mir and Zaffar Ahmad Rather were sent to judicial custody by the Principal District and Sessions Judge, Leh. Another accused, Nazir Ahmad Shah, had earlier died in a road accident.

The Leh police station had received a complaint from some people, alleging that the accused had opened branch offices of the Kashmir Valley Finance and Investment Limited and the Jammu and Kashmir Originated Finance Company at Leh and motivated them to deposit their money with the companies in return of higher interest rates and lucrative schemes.

Subsequently, the people made huge deposits. However, the management closed its branches without giving any notice to the customers, grabbing the entire amount deposited with the companies.

On the basis of the complaints, two cases were registered in the Leh police station and investigations were launched. However, on the instance of depositors, the cases were later transferred to the Crime Branch.

During investigations, it was revealed that a huge amount was deposited by the people had been grabbed by the management of the two companies. Sensing trouble and taking advantage of the turmoil in the Kashmir valley, the accused went absconding, but the Crime Branch sleuths were able to apprehend them after hectic efforts.

UNI