KCC Loan Scam Flagged in J&K Bank: Daily Wager Accused of Allegedly Siphoning Over ₹1 Crore

Crime Branch says accused manipulated KCC loan limits, misused banking credentials and siphoned off over ₹1.04 crore from J&K Bank through unauthorized transactions

Srinagar, July: The Economic Offences Wing (EOW), Kashmir, of the Crime Branch Jammu and Kashmir has filed a chargesheet before a Srinagar court against a former daily wager of J&K Bank for allegedly orchestrating a ₹1.04 crore Kisan Credit Card (KCC) loan fraud by manipulating loan limits, carrying out unauthorized transactions and misusing banking credentials, officials said on Wednesday.

In a statement issued here today, EOW, Kashmir, of Crime Branch J&K has filed a chargesheet before the Hon’ble Court of Aditional Special Judge Anti-Corruption, Srinagar, in FIR No. 20/2018 under Sections 420, 467, 468, 471, 409 and 201 RPC read with Section 5(2) of the Prevention of Corruption Act against Rouf Mohammad a resident of Hanjura, Chadoora, Budgam, for grabbing an amount of Rs. 10448141/- through unauthorised transactions, manipulation of KCC loan limits and misuse of banking credentials.

Investigation revealed that the accused, while working as a daily wager at J&K Bank Business Unit Dada Ompora, Chadoora, Budgam, fraudulently debited customers’ accounts, enhanced credit limits of KCC accounts without authorisation and misused banking credentials to siphon off funds. The investigation established that the accused committed the fraud for wrongful gain to himself and his family members, causing corresponding wrongful loss to the bank. Upon completion of the investigation, the chargesheet has been filed before the competent court for judicial adjudication.

The general public is advised to remain vigilant against economic fraudsters and report any such incidents to the SSP, EOW Kashmir, Crime Branch J&K. Victims of economic fraud may also submit their complaints via email at [email protected]