Excelsior Correspondent
JAMMU, May 1: Archana Charak, Chief Judicial Magistrate (CJM) Reasi has dismissed the bail application of accused Ali Hussain Shah, son of Azam Hussain Shah of Chassana, a temporary Government employee in Treasury fraud case.
As per the police report, District Treasury Officer Reasi produced a written letter along with an enquiry report regarding financial irregularity in Treasury Office Dharmari.
The complainant inspected the Treasury and after scrutinizing the record found that fraudulent payments have been made from Treasury Office Dharmari to the accounts of beneficiary–Ali Hussain Shah on various occasions.
He further noticed that the accused transferred an amount of Rs 1,38,17,971 from Sub Treasury Dharmari to his own account by manipulating the Treasury System for his own benefit.
Upon this complaint, FIR No. 19/2024 was registered under Sections 409/420/477-A IPC at Police Station Arnas.
Further the investigation of instant case has been transferred from District Police Reasi to EOW, Crime Branch Jammu and Special Investigation Team has been constituted for conduct of the investigation into the matter.
Additional Public Prosecutor Ashwani Kumar argued that the applicant along with other co-accused has misused his official position and over 400 transactions in different banks all over the country have been done and the amount has been credited through UPI/NEFT/IMPS from the account of SBI Bank being operated by applicant/accused.
While deciding the bail application of accused, the court observed, “the gravity of offence at hand revolves around a well organized racket of public servant and the act of accused constituted a form of cheating and fraud that not only victimizing the individuals but also erodes the public confidence in public servants”.
“Such scams cost a long shadow of doubt and insecurity over the digital platform that are essential form of modern financial system and strike at the heart of nations financial stability”, the court said, adding “there is an urgent need not only to protect individuals from financial harm but also to ensure the continued vitality of online financial system and by extension the broader economy”.
With these observations, CJM Reasi dismissed the bail application of the accused.
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