Man held for availing loan using fake documents

Srinagar, Feb 17: A man has been arrested for allegedly availing a loan from Jammu and Kashmir Bank using fake documents here, police said today. Sarfaraz Ahmad Hakeem, a resident of Illahi Bagh in Soura area of the city, was evading arrest, a police spokesman said. The case seems to be part of a larger syndicate which, after producing fake documents before banks, take large amount of loan, thereby fraudulently siphoning off the public money, the spokesman said. During the investigation of the case, it came to surface that the accused has availed a loan of R 38 lakh from Jammu and Kashmir Bank’s Ganpatyar branch for a photo editing unit under the brand name ‘Edit World’ against the mortgage of land measuring three kanal and 12 marlas and hypothecation of machinery purportedly to be acquired for said unit. The spokesman said after paying instalments for some time, the accused turned defaulter. “The concerned 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 spokesman said. He said the accused was granted anticipatory bail by court which was challenged by police, the court made no extension in the said order and subsequently the accused went into hiding, but was nabbed by police after strenuous efforts, he added.