The Central Bureau of Investigation (CBI) on Saturday filed a charge-sheet before a special CBI court here against three people for bank fraud.
"In a major crackdown on corruption in Jammu and Kashmir, CBI has today filed a charge-sheet before the Special CBI Court at Jammu against three accused namely Hilal Ahmad Rather (private person) and two bank officials Iqbal Singh and Arun Kapoor (both then Branch Heads of J & K Bank, New University Campus Branch) for causing huge loss to the bank," the CBI said.
This charge-sheet was filed by CBI within 10 days of registration of FIR and the case was investigated by special investigation team.
The CBI had registered the case on March 4 on the request of UT of Jammu and Kashmir and taken over the investigation of the case earlier registered at ACB J & K.
The investigative agency said, "During CBI Investigation, it was alleged that accused Hilal Rather entered into a criminal conspiracy with the then officials of J & K Bank to get sanctioned a loan of Rs 177.68 crore (approx) in violation of rules and guidelines."
The loans that were sanctioned for construction of flats were allegedly diverted and misappropriated by the accused using the bank accounts of his employees, the CBI said.
It was further alleged that the accused submitted forged certificates and bills to the bank. It was also alleged that the bank officials did not verify the certificates and helped the said accused in siphoning off the loan amount and laundering of money. The bank officials allegedly overlooked the rules and guidelines of the bank.
Further investigation including the acquisition of assets by accused in India and abroad and to identify other transactions is continuing, the CBI said.
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