2 Held For Bank Fraud in Srinagar

Srinagar—Two persons were today arrested for allegedly defrauding a bank here of Rs 10 crore on account of loans to non-existent companies.

Manager of Canara Bank, Lal Chowk branch, lodged a police complaint against seven business units that had taken loans, totalling Rs 10 crore, but had defaulted on it, a police spokesman said.

Giving details, he said police Station Maisuma received a complaint from Manager of Canara Bank regarding disbursement of loan worth Rs 10 Crores to 7 business units which failed to repay the loan amount.

He said a case (FIR number 40/20170) under section 420 RPC was registered and investigation was set in motion.

“During investigation it surfaced that some cheaters hand in glove with the then Manager of Canara Bank dishonestly and fraudulently doctored documents to

sanction loans for the business units which in reality were non existing,” he said

He identified the arrested persons as Rayees Ahmad Khan son of Manzoor Ahmad Khan resident of Chanapora Housing Colony and Irfan Ahmad Darzi son of Manzoor Ahmad Darzi resident of Rose lane, Chanapora.

“The investigation of the case is still going on and more arrests are expected,” he added.

“The investigation in the case is still going on and more arrests are expected in coming days,” he added.

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