SRINAGAR: Police in Srinagar have arrested a man accused of acquiring a bank loan on fake documents and defaulting on the repayment.
According to an police statement, Sarfaraz Ahmad Hakeem of Illahi Bagh Soura accused of defaulting on a bank loan of Rs 38 lakh from J&K Bank was arrested on February 14.
The accused has availed loan from Ganpatyar branch of the bank for a photo editing unit under the brand name Edit World against mortgage of land measuring 3 kanal 12 marlas and hypothecation of machinery to be acquired for unit.
After paying installments for some time the accused turned defaulter, but the bank authorities could not take possession of the land and hypothecated items “as the revenue documents were found to be fraud and the machinery to be hypothecated did not exist at all.”
The statement said that Hakeem acquired bail from court which was challenged by police, and after strenuous efforts the court did not extend the bail.
“Subsequently the accused went into hiding who was nabbed by Srinagar police.”