Excelsior Correspondent
SRINAGAR, Sept 4: The Crime Branch Kashmir (CBK) today registered a case into a Rs. 3.09 crore loan fraud involving the Hatigam Multipurpose Cooperative Society (MPCS) in Anantnag, following a complaint from the General Manager of Anantnag Central Cooperative Bank.
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A spokesperson said CBK received a complaint alleging large-scale financial fraud involving MPCS. “As per the complaint, loans worth Rs. 3.09 crore were disbursed in 2014 to 127 members of MPCS Hatigam, Anantnag. While Rs. 2.50 crore were recovered, Rs. 1.21 crore remain unpaid by 39 members of the Society. The alleged defaulters, however, claimed they had cleared their dues directly with the Society, producing receipts as proof,” he said.
He added that a preliminary investigation 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 statement reads.
The spokesperson said the following individuals have been prima facie found involved: Reyaz Ahmad Bhat, son of Ghulam Qadir Bhat (Accountant); Mohammad Shafi Bhat, son of Ghulam Qadir Bhat; Ghulam Rasool Bhat, son of Ghulam Qadir Bhat; Ghulam Qadir Bhat, son of Mukhtar Bhat; Haseena Banoo, wife of Mohammad Shafi Bhat; and Mohammad Yousuf Bhat, son of Abdul Razak Bhat, all residents of Hatigam, Anantnag.
Accordingly, an FIR has been registered under Sections 420, 468, 471, and 120-B RPC read with Section 5(2) of the Prevention of Corruption Act at Police Station Economic Offences Wing, Crime Branch Kashmir. Further investigation is ongoing, the spokesperson said.
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