The Jammu and Kashmir police have unearthed a banking fraud which involves furnishing fake documents of the collateral for availing huge loans after they arrested a man named Sarfaraz Ahmad Hakeem from Soura, Srinagar. While Hakeem secured a loan of RS 38 lakh from Jammu and Kashmir Bank Ltd, he turned defaulter after paying installments for some time. When the bank tried to take possession of the mortgaged properties, they found that the man took loan by giving fake documents. The state police spokesperson reportedly said that a larger syndicate may operate to siphon off huge loans from banks by producing fake documents.
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