Srinagar, 6th June 2023: The Special Crime Wing (Crime Branch) Srinagar has filed a charge sheet before the Hon’ble Court of City Judge Srinagar in a significant breakthrough regarding a 16-year-old loan fraud case. The case, registered as FIR No. 59 of 2007, involves seven accused individuals, including a notorious fraudster.
The accused persons have been identified as Sheikh Samiullah S/O Abdul Rashid Sheikh @ Abdullah R/O Nawa Kadal Srinagar, Madal Lal Sharma S/O K.C Sharma R/O Presently 196 A Ghandhi Nagar Jammu, Nisar Ahmad R/O Shaheed Gunj Srinagar, Mst. Sheikh Neelam Jan R/O HMT Srinagar, Mohd Sayed Sheikh S/O late Gh. Mohammad R/O Natipora Srinagar, Mudur Kumar Naigi S/O Chander Singh Naigi R/O Utrakhand A/P Panchkola Haryana, and the beneficiary (now deceased). They are being charged with multiple offenses punishable under section 420, 467, 468, 471, 201 read with 120-B RPC.
The case was initiated by the Crime Branch Kashmir following a complaint lodged by Deputy Commissioner Budgam. The complaint alleged the sanctioning of a loan amounting to 48 lakhs rupees by the Indian Overseas Bank Branch in Dalgate, Srinagar, based on fake and forged revenue documents of a mortgaged land.
During the investigation, it was revealed that in 2006, Sheikh Samiullah, along with his deceased uncle and the then Manager and Assistant Manager of Indian Overseas Bank, conspired to secure a loan for the purchase of photography machinery. The loan was obtained under the name of a fictitious firm called Afreen Productions Zero Bridge Srinagar, with the beneficiary presenting false documents.
In furtherance of their conspiracy, Sheikh Samiullah and the beneficiary acquired four Kanals of land at Bugroo Khansahib Budgam and fraudulently obtained revenue papers for the property, replacing Bugroo with Bemina Srinagar. This was done to inflate the value of the land, as land rates are higher in Bemina. The Bank Manager, Deputy Manager, and legal advisor of Indian Overseas Bank Dalgate negligently facilitated the main accused in securing the loan without proper verification of the documents. The loan amount of 48 lakhs rupees was then transferred to an account opened by Sheikh Samiullah in the name of his wife, Mst. Neelam Jan, at J&K Bank Ganpatyar Srinagar, falsely claiming her as the proprietor of M/S Oriental Stores H.S.H.S Srinagar. The funds were withdrawn by Sheikh Samiullah, and no repayments were made towards the loan.
It has been discovered that Sheikh Samiullah, the primary beneficiary of the fraud, is a well-known fraudster and is currently wanted in Case FIR No. 05/2019 U/S 420, 468, 471, 120 (B) RPC P/S Economic Offences Wing, Crime Branch Srinagar, which is currently under investigation. Additionally, he has been declared a "Proclaimed Offender" by the Hon’ble Court of Principal & District Sessions Judge, Srinagar, in case FIR No. 34 of 2015, which is currently undergoing trial.
The charge sheet filed by the Special Crime Wing marks a significant milestone in unraveling the complex web of this long-pending loan fraud case. The accused individuals