Court rejects bail of bank fraud accused

Court rejects bail of bank fraud accused
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SRINAGAR: A trial court in Srinagar has rejected the bail application of a person accused of forgery, cheating and criminal conspiracy.
The accused, Sartaj Ahmed Hakeem, fraudulently availed of Rs 37.80 lakh from the J&K Bank, Habbakadal branch, on the documents of the complainants. The accused was arrested on January 14 and is presently lodged at Crime Branch, Srinagar.
Senior public prosecutor Manzoor Ahmad Mir stated before court that the investigation in the present case is at an important juncture and releasing the accused at this point would hamper the investigation process.
After hearing the state counsel, the Court of Chief Judicial Magistrate, Srinagar, Aijaz Ahmad Khan rejected the bail application and said that “going through the case diary (CD) file… it appears prima facie that the accused is involved in the commission of offences and there are every prospects of involvement of other accused persons who are yet to be arrested and there are lot of things to be un-earthen in the instant case, as a huge amount of money is involved. So, at this point of time, the accused cannot be enlarged on bail.
“From the CD file it appears that it is a big gang who are involved in cheating the bank and extracting the money fraudulently. Without committing upon the evidence as obtained so far during the course of investigation, it appears that the investigation is at its infancy state. Therefore, counsel for the accused could not make any ground for admitting the accused on bail,” the court said, adding, “As such, viewed thus, counsel for the applicant has not been able to carve out a case in his favour; accordingly the application of the applicant stands rejected.”
As per the investigation conducted by the Crime Branch in FIR 34/2015 under sections 420, 467, 468, 471, 409,120-B RPC, the bank had sanctioned housing loan to the tune of Rs 37.80 lakh to Farooq Motta Ahmad and Nazir Ahmad Mota, and an amount of Rs 42,000 was fixed as monthly installment for the liquidation of loan.
The complainants found the installment to be too high for them and, deciding to turn down the loan, they demanded the return of the already-signed documents. However the suspect bank manager didn’t return them, despite repeated requests.
As per the Crime Branch investigation, the enquiry conducted revealed that the amount sanctioned in favour of the complainants was dishonestly credited into account no. 208250/SB, maintained/operated in the name of suspect Sartaj Ahmad Hakeem at JK Bank, Branch Habbakadal. It was further found that the amount drawn and credited was subsequently withdrawn by him through different instruments.
As the case had taken place in the year 2015, the court said, “It is proper to place a record of the case is of 2015 and the investigation has started now, therefore the investigating officer concerned is directed to expedite the matter and bring all the culprits to book.”