J&K Bank files criminal case against Imam Hussain Foundation

Published: Wednesday, December 5, 2007, 16:35 [IST]

Srinagar, Dec 5 (UNI) A local court here issued fresh notices to the trustees of the Imam Hussain Foundation in a criminal case filed by the Jammu and Kashmir Bank against them for defaulting in repayment of loan which has accumulated about Rs 7 crore.

The court of the Chief Judicial Magistrate (CJM), Srinagar, has listed the case for hearing on January 23 next year.

The Jammu and Kashmir Bank, in its complaint through counsel B A Bashir, said the trustees of the Imam Hussain Foundation, a voluntary organisation, sought financial assistance from it for establishment of a trust to create, run and manage a medical college and a hospital here.

The complainant said it relaxed certain strict rules and procedures to accommodate the trustees in view of their noble cause.

The Jammu and Kashmir Bank further said it sanctioned the loan facilities to the trustees at various times, which had accumulated to Rs 6,99,49,000 till December 31 last year.

The complainant said the Imam Hussain Foundation trustees had failed to obtain the Medical Council of India recognition for establishment of a medical college and a hospital and the required affiliation with Kashmir University as well.

''The accused hatched a conspiracy to seek financial gains for themselves and cause wrongful loss to the complainant and also exploited the public sentiment, amounting to criminal breach of trust. They had ulterior malafide intentions to misappropriate the funds and loan for personal gains,'' the Bank said.

The bungling in the Imam Hussain Foundation were also investigated by a new management which held the accused liable of misappropriation of funds, the complainant said.

''The accused have also exploited the sentiments attached with the pious name and great personality of Imam Hussain with the objective that nobody suspects their malafide intentions,'' it said.

UNI

 

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