Srinagar: The Economic Offences Wing of Crime Branch Kashmir on Thursday said it has registered a case after receiving a complaint from the General Manager of Anantnag Central Cooperative Bank Ltd. alleging large-scale financial fraud in the Hatigam Multipurpose Cooperative Society (MPCS).
According to the complaint, loans worth ₹3.09 crore were sanctioned in 2014 to 127 MPCS members. While ₹2.50 crore was recovered, ₹1.21 crore remains unpaid from 39 members. The alleged defaulters, however, claimed they had already repaid their dues directly to the Society and even produced receipts as proof.
Preliminary investigations revealed that bank officials, in collusion with MPCS members, had processed fake loan cases in the names of non-existent individuals, siphoning off funds for personal gain.
The following individuals were found prima facie involved:
- Reyaz Ahmad Bhat, son of Ghulam Qadir Bhat, resident of Hatigam, Anantnag (Accountant)
- Mohammad Shafi Bhat, son of Ghulam Qadir Bhat, resident of Hatigam, Anantnag
- Ghulam Rasool Bhat, son of Ghulam Qadir Bhat, resident of Hatigam, Anantnag
- Ghulam Qadir Bhat, son of Mukhta Bhat, resident of Hatigam, Anantnag
- Haseena Banoo, wife of Mohammad Shafi Bhat, resident of Hatigam, Anantnag
- Mohammad Yousuf Bhat, son of Abdul Razak Bhat, resident of Hatigam, Anantnag
- and others.
An FIR has been registered under Sections 420, 468, 471, 120-B of the RPC read with Section 5(2) of the Prevention of Corruption Act at Police Station Economic Offences Wing, Crime Branch Kashmir. Further investigation is underway, the statement said.
