Srinagar, Sep 4: The Crime Branch Kashmir on Thursday said it has filed a case into a massive loan fraud worth ₹3.09 crore linked to Hatigam Multipurpose Cooperative Society (MPCS) in Anantnag, after a formal complaint was lodged by the General Manager of Anantnag Central Cooperative Bank.
In a statement issued, CBK has registered a case following a complaint from the General Manager, Anantnag Central Cooperative Bank Ltd., alleging large-scale financial fraud involving the Hatigam Multipurpose Cooperative Society (MPCS).
As per the complaint, loans worth ₹3.09 Crores were disbursed in 2014 to 127 members of MPCS Hatigam Anantnag. While ₹2.50 Crores were recovered, ₹1.21 Crores remain unpaid with 39 members of the said Society. However, the alleged defaulters claimed they had cleared their dues directly with the Society, producing receipts as proof, it reads.
A Preliminary investigation was ordered and revealed that bank officials, in collusion with MPCS members, fraudulently processed fake loan cases in the names of non-existent individuals. The misappropriated funds were siphoned off for personal gain, it reads.
The statement identified the following accused individuals in prima facie found involved, Reyaz Ahmad Bhat S/o Ghulam Qadir Bhat R/o Hatigam, Anantnag (Accountant). Mohammad Shafi Bhat S/o Ghulam Qadir Bhat R/o Hatigam, Anantnag. Ghulam Rasool Bhat S/o Ghulam Qadir Bhat R/o Hatigam, Anantnag.
Ghulam Qadir Bhat S/o Mukhta Bhat R/o Hatigam, Anantnag. Haseena Banoo W/o Mohammad Shafi Bhat R/o Hatigam, Anantnag. Mohammad Yousuf Bhat S/o Abdul Razak Bhat R/o Hatigam, Anantnag and others, it reads.
Accordingly, an FIR has been registered under Sections 420, 468, 471, 120-B RPC r/w Section 5(2) of the Prevention of Corruption Act at Police Station Economic Offences Wing, (Crime Branch Kashmir). Further investigation is ongoing, statement reads.
