Srinagar, Sept 4 (KNS): The Economic Offences Wing of Crime Branch Kashmir has registered a case over a loan fraud of ?3.09 Crore involving the Hatigam Multipurpose Cooperative Society (MPCS) in Anantnag. The case was taken up after the General Manager of Anantnag Central Cooperative Bank Ltd. filed a complaint alleging large-scale financial irregularities.

In a statement issued to KNS, Crime Branch Kashmir said that loans worth ?3.09 Crore were sanctioned in 2014 to 127 members of MPCS Hatigam. While ?2.50 Crore has been recovered, an amount of ?1.21 Crore remains unpaid by 39 members. However, many of these alleged defaulters claimed they had cleared their dues directly with the society and even produced receipts as proof.

A preliminary probe revealed that bank officials, in connivance with MPCS members, had processed fake loan cases in the names of non-existent individuals. The misappropriated money was siphoned off for personal gain, the statement added.Click Here To Follow Our WhatsApp Channel

Those prima facie found involved include:

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.

Crime Branch Kashmir said that an FIR has been registered under Sections 420, 468, 471, 120-B RPC read with Section 5(2) of the Prevention of Corruption Act at Police Station Economic Offences Wing. Further investigation is in progress.(KNS)