The Crime Branch Kashmir (CBK) has filed a case into a massive loan fraud worth ₹3.09 crore involving the Hatigam Multipurpose Cooperative Society (MPCS) in Anantnag. The FIR was lodged after the General Manager of Anantnag Central Cooperative Bank flagged large-scale financial irregularities.
Fake Loans and Discrepancies
According to the complaint, loans totaling ₹3.09 crore were sanctioned in 2014 to 127 members of MPCS Hatigam. While ₹2.50 crore has reportedly been recovered, an outstanding ₹1.21 crore remains unpaid by 39 members. Interestingly, the alleged defaulters claimed they had already cleared dues directly with the Society and even presented receipts as proof.
A preliminary probe revealed deeper irregularities—bank officials, in collusion with Society members, had processed fake loan cases in the names of non-existent individuals. The funds were then siphoned off for personal use, CBK stated.
Key Accused Identified
The investigation has identified multiple individuals allegedly involved in the scam. Among those named are:
Reyaz Ahmad Bhat, Accountant, Hatigam
Mohammad Shafi Bhat and Ghulam Rasool Bhat, both residents of Hatigam
Ghulam Qadir Bhat, Haseena Banoo, and Mohammad Yousuf Bhat, also from Hatigam
Officials noted that the accused appear to have played crucial roles in manipulating records and misappropriating funds.
FIR Registered, Probe Ongoing
Based on the findings, an FIR has been registered at the Economic Offences Wing under Sections 420, 468, 471, and 120-B of the Ranbir Penal Code (RPC), along with Section 5(2) of the Prevention of Corruption Act.
CBK confirmed that further investigation is underway to track the complete money trail, identify additional beneficiaries, and ascertain the extent of official complicity in the fraud.