6 Persons Booked For Their Involvement In ₹3.09 Crore Loan Fraud In Multipurpose Cooperative Society In Anantnag: CBK

Srinagar : The Economic Offences Wing of Crime Branch Kashmir on Thursday said that it 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).

In a handout to the police said that 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.

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.

The following accused individuals have been 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 and Mohammad Yousuf Bhat S/o Abdul Razak Bhat R/o Hatigam, Anantnag and others

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, reads the statement.(GNS)