Consumer commission directs J&K Bank to inquire into fraudulent transaction

Consumer commission directs J&K Bank to inquire into fraudulent transaction
  • 84

Orders 15 lakh compensation to complainant alleging withdrawal on forged signatures

Srinagar: The state consumer commission has directed Chairman, J&K Bank to appoint an enquiry committee headed by General Manager of the bank to identify the bank officials responsible for fraudulent transactions of around 60 lac rupees.
The commission’s directions came on a complaint by a petitioner about forged signatures used on debit vouchers, while the cheque reported to be paid remained in his possession.
The commission directed that the enquiry be completed
within three months, failing which, an FIR be lodged by the bank against the erring officials who have committed the fraud.
The commission also directed that a compensation of Rs 15 lakh be given to the complainant, Sheikh Imran Farooq of Gojwara, Srinagar, for loss of business and also an amount of Rs 42,69,763 be transferred to his cash credit account. Also interest@12 per annum from the date of the complaint shall also be payable to the complainant.
The complainant, Imran, had moved an application with the commission in 2012 stating that he had obtained a cash credit facility of Rs 68 lakh from the J&K bank, Air cargo branch for his food and consumer goods business, M/S Classic Enterprises, Tengbagh-Khayam, Srinagar.
The loan facility was secured by hypothecation of stocks in trade of the complainant. The stocks in trade which were hypothecated were returned unpaid by the bank with an objection that “cheque number already passed”.
The complainant went to the bank stating that how could these cheques be encashed when both the cheques were in his possession.
The complainant sought commission’s intervention for referring the relevant debit vouchers for forensic examination stating that they were not signed by him.
The commission taking plea of the complainant vide order dated 10 march, 2014 forwarded relevant documents to International Forensic Science Pvt. Limited, Pune.
The report confirmed that the signatures are dissimilar and doesn’t match. This report was not accepted by other party and as such commission again forwarded documents to Sherlock Forensic Science Private Limited, New Delhi where it was confirmed that two different persons have signed the documents.
“Relying upon the forensic opinion, it is visible that gross
fraudulent transactions have taken place under the garb of forged documents. Therefore it is case where with open eyes the bank officials have committed the fraud and forgery which is a cause of gross deficiency of services unmindful of the consequences,” the bench of Justice (Rtd.) Sunil Hali and D K Kapoor said.

One Response to "Consumer commission directs J&K Bank to inquire into fraudulent transaction"

  1. Abhinandan   March 5, 2018 at 1:18 am

    J&k bank is the biggest fraud bank … 3rd class bank …very slow service especially in j&k bank jammu town Hall … the employees smoke on duties very dirty peoples … go to hell jk bank town hall jammu 180001