Srinagar: Crime Branch Kashmir on Friday filed a charge-sheet against a former J&K bank employee for fraudulently and dishonestly raising unauthorized loans and using the amount so withdrawn for personal uses and share trading.

The CBK said the charge-sheet the case registered in 2009 under FIR No: 06/2009 under section 420, 468, 471, 409, 201 RPC r/w 5(2) PC Act was filed against Zahoor Ahmad Khan (then working as Associate Executive in the Bank), a resident of New Colony, Saida Kadal Srinagar before the Court of Special Judge Anti-Corruption Kashmir Srinagar.

A spokesperson the CBK in a statement said that the case came to be registered based on a complaint received from Branch Head J&K Bank Residency Road Srinagar, stating that on the basis of Preliminary Enquiry conducted by the Bank, it has been established that Zahoor Ahmad Khan, working as Associate Executive in the Bank, has dishonestly and fraudulently raised eight unauthorized loans against the deposits which do not exist in Bank records.

“These loans were raised in the name of staff members, his brothers and sisters by the accused who used the amount drawn therein for personnel use etc,” he said, adding, “accordingly, in view of the circumstances Case FIR No. 06/2009 U/S 409, 420, 468, 471 RPC was registered in P/S CBK on 03.03.2009 and investigation taken up.”

During the course of investigation, the CBK said, it was established that staff loan accounts have been opened fraudulently without completing prescribed formalities by the accused particularly in the name of his close relatives and colleagues through use of their user passwords without their knowledge deceitfully and dishonestly in the capacity of System manager and Advance manager of the Branch due to flaws of the then newly introduced B2K software System and non-existence of message alert mechanism, which was exploited by accused to commit these fraudulent actions/transactions.

Similarly, he said, the accused got 15 consumption loans sanctioned in the name of different persons without following requisite formalities and credited a part of sanctioned amount to other different accounts where from accused withdrew the same fraudulently for his personnel use. The investigation also established the illegal credit of Rs 5 lac through anywhere parking of J&K Bank Branch Kupwara to a personal account at Srinagar by the accused which was however debited by the concerned bank authorities immediately after detection of fraud. “The investigation also established that accused has fraudulently drawn an amount of Rs 1.88 Lac from anywhere parking account of the J&K Bank Branch Kupwara and misappropriated the same.”

The accused has been terminated from the J&K Bank on 28.10.2009 on the report of a full-fledged departmental enquiry, he said. “During the course of investigation relevant record was obtained and seized. Besides the statements of concerned Bank officers / officials were also recorded which corroborate the commission of offences by the accused.”

Reader correspondent