SRINAGAR, Aug 8: The court of Special Judge Anti-Corruption Bureau Anantnag has framed charges against Mushtaq Ahmad Bhat, the then branch head of J&K Bank Khanyar Branch, Tariq Ahmad Bhat, the then Incharge Advances J&K Bank Khanyar Branch and Abdul Majeed Sheikh of Batmaloo Srinagar (Beneficiary) in FIR registered with police station ACB Anantnag.
The ACB registered an FIR pursuant to verification conducted wherein it surfaced that the officials of J&K Bank branch Khanyar Srinagar in criminal conspiracy with the proprietor of M/s Sheikh Suppliers and Contractors illegally sanctioned and disbursed terms loans running into several crores of rupees in violation of the banking norm.
It was alleged that by abusing their official position and acting in concert with each other, the accused persons facilitated diversion and siphoning of public funds, thereby causing wrongful loss to J&K Bank and corresponding wrongful gain to the beneficiary. It has surfaced that the accused officials of the bank at different levels bestowed undue favour upon the beneficiary-Sheikh from time to time.
The ACB submitted that the total of the securities kept mortgaged are very less as compared to the term loan facilities sanctioned and disbursed to the beneficiary.
While disbursing the funds sanctioned in term loan account, the accused bank officials have deliberately failed to monitor the end use of the funds, thereby allowed the beneficiary- to divert, misutilize, misappropriate and siphon off the funds meant for the construction of FCI Godowns at keypora Anantnag and Dandoosa Bemina.
The court said there exist sufficient grounds for framing the charges against the accused persons and accordingly charged the accused-Mushtaq Ahmad Bhat and Tariq Ahmad Bhat (Both bank officials) for the offences punishable under prevention of corruption act and section 120-B and 420 of RPC.
The court charged the accused-beneficiary for the offences punishable under Section 120-B and 420 RPC.
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