Loan scam: CBI conducts raids in Jammu, Chandigarh, Mumbai

JAMMU: CBI today conducted raids in Jammu, Chandigarh and Mumbai and seized incriminating documents and fake stamps in connection with a multi-crore loan scam allegedly involving a Bank of Baroda branch here.

A case has been registered against seven persons including two senior bank officials in connection with about eight to nine loans amounting to over Rs 4 crore for beekeeping trade on fictitious and non-existing properties here.

"We have conducted raids at the residences of bank officials and private persons in Jammu, Chandigarh and Mumbai and recovered various incriminating documents, fake stamps and revenue documents," a senior CBI officer said.

The CBI team conducted raids at the residences and other buildings of prime accused Manzoor Ahmed, his wife and three others in Jammu, while residences of the two bank officers were raided in Chandigarh and Mumbai.

Manzoor, his wife and three others had taken about eight to nine loans for beekeeping trade of over Rs 4 crore allegedly in connivance with the two senior bank officers.