CBK Books Six in ₹3.09 Crore Loan Fraud Case – Alfaaz – The Words

Srinagar: Crime Branch Kashmir’s Economic Offences Wing has registered a case against six persons in connection with a ₹3.09 crore loan fraud involving the Hatigam Multipurpose Cooperative Society (MPCS) in Anantnag.

The case, the CBK said, was filed following a complaint by the General Manager of Anantnag Central Cooperative Bank Ltd. The complaint alleged that in 2014, loans amounting to ₹3.09 crore were sanctioned in favour of 127 MPCS members. While ₹2.50 crore was recovered, around ₹1.21 crore remains unpaid by 39 members, who maintained they had already settled dues directly with the Society and produced receipts to support their claims.

Preliminary investigation found that several bank officials, in connivance with MPCS members, had fraudulently processed loans in the names of non-existent individuals. The misappropriated amount was allegedly siphoned off for personal use.

Those identified in the fraud 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.

An FIR has been registered under Sections 420, 468, 471, and 120-B of the RPC, read with Section 5(2) of the Prevention of Corruption Act, at the Police Station Economic Offences Wing.