Srinagar: Police on Thursday claimed to have solved a bank fraud case regarding disbursement of loan worth Rs 10 crore to 7 business units which failed to repay the loan amount.

A spokesman of Police said that Police station Maisuma received a complaint from Manager, Canara Bank regarding disbursement of loan worth Rs 10 crore to 7 business units which failed to repay the loan amount.

On receipt of this information case FIR No 40/2017 Under Section 420 R P C was registered and investigation set into motion, police said.

During investigation it surfaced that some cheaters hand in glove with then Manager of Canara Bank dishonestly and fraudulently doctored documents to sanction loans for the business units which in  reality where non existing, police said.

Consequently, two persons namely Rayees Ahmad Khan son of  Manzoor Ahmad Khan resident of  Chrtnapora Housing colony and Irfan Ahmad Darzi son of  Manzoor Ahmad Darzi resident of Rose lane, Chanapora were arrested.

Many more arrests are expected in coming days, police said.

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