STATE TIMES NEWS
SRINAGAR: Two persons were on Thursday arrested for allegedly defrauding a bank here of Rs 10 crore on account of loans to non-existent companies.
Manager of Canara Bank, Lal Chowk branch, lodged a police complaint against seven business units that had taken loans, totalling Rs 10 crore, but had defaulted on it, a police spokesman said. During investigation, it was revealed that some people, in connivance with the then Manager of the branch, had doctored documents to get loans sanctioned for non-existent business units, he said.
The spokesman said two persons — Rayees Ahmad Khan and Irfan Ahmad Darzi — were arrested on the charges of fraud.
“The investigation in the case is still going on and more arrests are expected in coming days,” he added.
