Onlykashmir.in News Desk
The Economic Offences Wing of the Crime Branch in Jammu has registered a criminal case in connection with alleged financial fraud and irregular loan transactions at two branches of the Jammu and Kashmir Grameen Bank, following complaints forwarded through Crime Headquarters by the Director of the Anti-Corruption Bureau.
The case has been registered under Section 420 of the Indian Penal Code, which pertains to cheating, and Section 120-B, which deals with criminal conspiracy. The complaints were originally filed by the Chief of Audits, Inspection and Vigilance of the Jammu and Kashmir Grameen Bank and relate to alleged misconduct at the bank’s Kaluchak and Surankote branches.
At the Kaluchak branch, an internal inquiry unearthed a particularly disturbing set of findings. A total of 58 loan accounts under 15 Joint Liability Groups, along with two Cash Credit Limit accounts, were allegedly opened and operated without the knowledge or consent of the persons in whose names they were created. This alleged fraud resulted in a financial loss estimated at nearly Rs 42 lakh.
Investigators found that approximately Rs 12 lakh from these fraudulent accounts was transferred to bank accounts reportedly held in the name of a now-deceased Senior Manager, Bhagwan Singh Saini, while the remaining loan amounts were withdrawn through ATM transactions. In a further development, a daily wager employed at the branch allegedly admitted to siphoning Rs 2 lakh from one Joint Liability Group loan account for personal use. Partial recovery has reportedly been made in two of the accounts.
A separate complaint concerning the Surankote branch has named Branch Head Rohit Kumar and unnamed others in connection with unauthorised transactions and debits amounting to Rs 7.37 lakh. The complaint additionally alleges the fraudulent sanctioning and withdrawal of loans worth approximately Rs 19 lakh through five fake loan accounts, again opened without the borrowers’ knowledge or consent. These accounts were subsequently shown as settled or closed in the bank’s records, allegedly to reconcile the branch’s cash position and conceal the irregularities.
Following a preliminary verification that established a prima facie case of cognizable offences, the Crime Branch formally registered the case against Rohit Kumar and other suspected individuals for detailed investigation. Senior Superintendent of Police, Crime Branch (EOW) Jammu, Faisal Qureshi, appealed to members of the public to report similar instances of banking and financial fraud so that those responsible may face the full force of the law.
