Srinagar, Sept 4: Crime Branch Kashmir (CBK) has registered an FIR into a massive loan fraud worth ₹3.09 crore linked to Hatigam Multipurpose Cooperative Society (MPCS), Anantnag, following a complaint by the General Manager of Anantnag Central Cooperative Bank.
According to the complaint, loans amounting to ₹3.09 crore were sanctioned in 2014 to 127 MPCS members. While ₹2.50 crore was recovered, ₹1.21 crore remained unpaid by 39 members, who claimed to have cleared their dues directly with the Society, producing receipts as proof.
Preliminary investigation revealed that several bank officials, in connivance with MPCS members, processed fraudulent loan cases in the names of non-existent persons, siphoning off funds for personal use.
Those prima facie found involved include Reyaz Ahmad Bhat (Accountant), Mohammad Shafi Bhat, Ghulam Rasool Bhat, Ghulam Qadir Bhat, Haseena Banoo, and Mohammad Yousuf Bhat, all residents of Hatigam, Anantnag, along with others.
CBK has registered a case under Sections 420, 468, 471, 120-B RPC read with Section 5(2) of the Prevention of Corruption Act at the Economic Offences Wing, Srinagar.
Officials said further investigation is underway to determine the full scale of the fraud and identify additional beneficiaries of the scam.
