Crime Branch Kashmir books six in cooperative society loan fraud case

Srinagar, Sep 04: The Economic Offences Wing (Crime Branch Kashmir) has registered a First Information Report (FIR) against Multipurpose Cooperative Society (MPCS) Hatigam Anantnag in Rs 3.09 crore loan fraud case, officials said on Thursday.

In a statement, an official spokesperson stated 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."

He added that 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.

As per the official, accused individuals involved in the fraud have been identified as the 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, he addded.