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| CBI Court denies bail in 14 crore scam case | | | early times report
Jammu, Feb 14: Special Judge Anticorruption (CBI Cases) J&K Jammu BL Bhat today rejected
the bail application of Syed Afaq Managing Director Jay Kay Sam Construction Private Limited Srinagar who was arrested by the CBI on January 27, 2012 in cases registered u/s 120-B/420/467/478/471 RPC and section 5(2) 5(1) (d) of J&K PC Act.
After hearing Advocate PN Goja for the applicant whereas SK Bhat Senior PP for the CBI, the court observed that the issue involved at the bottom of the instant case registered by CBI is entirely different, consideration of the material assembled during investigation projects obtaining of loan/ CC Limit by petitioner fraudulently by submitting security in the form of mortgage of land and house at Chowdi Jammu and Bakoora Ganderbal with most of the property non-existent or in the name of other persons in connivance with revenue officials, bank officials, valuers and other concerned, petitioner is reportedly on bail in an earlier case pending investigation for submitting fake guarantees. Since the investigation is yet to achieve a break through in identifying all characters involved in conspiracy of the bank fraud resulting estimated loss of amount exceeding to Rs 10 Crore to exchequer and roll of public servants having derived pecuniary benefits by obtaining their official position is yet to be unearthed. No ground for admission of the petitioner on the bail is made at this stage and bail application is accordingly rejected.
Earlier Senior Public Prosecutor SK Bhat for the CBI submitted the report procured from the Investigating Officer and also filed his objections, as per report applicant initially obtained loan for his firm from state bank of India TRC Branch Srinagar to the tune of Rs 1.05 Crore which was enhanced to Rs 14.15 crores.
The investigation reveals that the petitioner had conspired with the concerned Patwari and submitted fake lien making revenue papers to the bank for this land. (JNF) |
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