Srinagar, June 23 (KNS): The Court of City Judge (Judicial Magistrate 1st Class), Srinagar, has convicted Fayaz Ahmad Bhat, son of Ghulam Nabi Bhat and resident of Bhagi Sunder Payeen, Chattabal, in a long-pending financial fraud case involving J&K Industries Ltd.
The case, registered under FIR No. 66/2003 at Police Station Crime Branch Kashmir, pertained to large-scale misappropriation of government property and manipulation of official records at the Government Woollen Mills, Bemina. The discrepancies, uncovered during a stock verification exercise, included delayed ledger entries, unauthorized stock movements, and use of fake invoices to divert materials through illegal channels between 1995 and 2003.
Following a detailed investigation by the Crime Branch, Fayaz Ahmad Bhat was found to have misappropriated goods worth lakhs of rupees, causing substantial loss to the state exchequer.Click Here To Follow Our WhatsApp ChannelHe was charged under Sections 409 (criminal breach of trust), 420 (cheating), and 468 (forgery) of the Ranbir Penal Code (RPC).
The charge-sheet was formally presented in court on January 24, 2008. After due legal proceedings, the court found the accused guilty and sentenced him to two years of simple imprisonment under each of the three charges. Additionally, he has been fined Rs. 5,000 for each offence. In case of default in payment of the fines, he will have to undergo an additional six months of simple imprisonment. All sentences will run concurrently.
This conviction marks a significant step in the fight against financial crimes and reinforces accountability in public sector operations. (KNS)