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| SFC sanctions fake loans worth crores of rupees | | Scam carried out with the involvement of agents, officials likely to be arrested soon | | Jammu | Feb19
The scam worth several crores of rupees in State Financial Corporation (SFC) in which vehicles had been financed without completion of formalities, a result of which the loanees became defaulters and the Corporation had to suffer huge financial losses, has been unearthed by the Crime Branch Jammu. A case under FIR No. 17/2007 and Sections 419, 420, 467, 468 and 120-B RPC was also registered in this regard by the Crime Branch. Meanwhile, arrest of some senior SFC officials, whose involvement has figured in the scam, was on the cards, official sources told Early Times.
According to highly placed sources, investigations by Crime Branch have established the involvement of some officers and offi¬cials of the SFC in the scam. Scrutiny of record, seized by Crime Branch, revealed that the SFC officials had sanctioned loan worth several crores without even obtaining mortgage from loanees as well as from guarantors. Only affidavits had been entertained for the purpose, which was shocking and a clear violation of set guidelines for sanction of loan.
A number of persons, who were shown as owners of vehicles and defaulters worth lakhs in the SFC record, were summoned by the Crime Branch during the course of investigations but they categorically denied having obtained any loan from the Corporation, sources said. These so called owners of vehicles in SFC record claimed that they had neither obtained any loan from the SFC nor purchased any vehicles. According to them, some "agents" had approached them and lured them to sign documents with the promise that the Corporation would provide jobs to unemployed youths. Sources said documents of unemployed youths might have been used by the "agents" and vehicles financed on their name with the connivance of some senior SFC officials. Majority of these vehicles were also not traceable, which indicated that after running them for some time, the accused might have dismantled them and sold their body and spare parts, they said.
Investigations by the Crime Branch also revealed that loan had also been advanced to Schedule Tribes (STs) without verifying authenticity of their certificates. ''The SFC had hardly made any effort to recover loan from the persons, who had been advanced money out of the way", sources said. They pointed out that involvement of SFC officials in the scam can be well gauged from the fact that permits of vehicles in question had also been renewed by the RTO without any notification, which clearly indicates a nexus among renewing agency, SFC authorities and agents.
In some cases, even loan had been sanctioned on the name of non-existent persons. "While exact amount to the tune of which the Finance Corporation has suffered losses due to sanctioning of loans without completion of requisite formalities is being worked out, it was estimated around Rs 6.5 crore", sources said. After registration of case, sources said, the accused including SFC officials, renewal agency, identified agents and other concerned persons will be subjected to sus¬tained questioning. Surprisingly, the scam involved all three regions of the State-Jammu, Kashmir and Ladakh.
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