The Jammu crime branch, on Tuesday, filed a chargesheet before the Munsiff court in Samba district against a man in a bank loan fraud amounting to nearly ₹8 lakh.
Rahul Sudan of Dhyansar in Bari Brahmana was booked in case FIR No. 27/2022 under Sections 420, 465,467, 468, 471 of Ranbir Penal Code (RPC) registered at the Police Station Crime Branch (EOW) Jammu.
The case involved systematic fraud, forgery and cheating concerning a vehicular term loan obtained through deceptive practices, said an official spokesperson.
The investigation was initiated on a written complaint lodged by Canara Bank branch manager Nikhil Singh Jamwal.
The total financial amount involved in the case centres on a term loan of ₹7.92 lakh sanctioned to the accused on June 14 in 2016, for the purchase of a Honda City car (JK21C-5636), with an outstanding amount of ₹5,64,201 subsequently recorded during the investigation.
Investigation conducted by inspector Meenu Sharma revealed that the accused fraudulently managed and submitted a fake and forged no due certificate (NDC) to the ARTO Office, Samba.
“This illicit document enabled the unauthorised transfer of the hypothecated vehicle to a third party without clearing the bank’s active financial liabilities or securing a legitimate bank NOC,” said the spokesperson.
{{/usCountry}}“This illicit document enabled the unauthorised transfer of the hypothecated vehicle to a third party without clearing the bank’s active financial liabilities or securing a legitimate bank NOC,” said the spokesperson.
{{/usCountry}}During investigation it came to fore that the accused was a habitual offender with prior similar fraud cases registered against him.
The crime branch established offences under Sections 420, 465, 467, 468, and 471 of the RPC against the accused. Accordingly, the final chargesheet was produced before the Munsiff court Samba against the accused for judicial determination and trial.