SRINAGAR: The Economic Offences Wing ofCrime 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).
The police said that as per the complaint, loans worth Rs 3.09 Crores were disbursed in 2014 to 127 members of MPCS Hatigam Anantnag. While Rs 2.50 Crores were recovered, Rs 2.1 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.
