Crime Branch Kashmir Books MPCS Hatigam, Bank Officials In Fraud Case

2025-09-04 03:10:29

(MENAFN- Kashmir Observer)
File photo

Srinagar- The Economic Offences Wing of Crime Branch Kashmir has registered a case into a ₹3.09 crore loan fraud involving the Hatigam Multipurpose Cooperative Society (MPCS) in Anantnag, following a complaint lodged by the General Manager of Anantnag Central Cooperative Bank Ltd.

According to the complaint, loans amounting to ₹3.09 crore were sanctioned in 2014 to 127 members of MPCS Hatigam. While ₹2.50 crore has been recovered, dues worth ₹1.21 crore remain outstanding against 39 members of the society. Interestingly, the alleged defaulters insisted they had already repaid their loans directly to the society and even produced receipts to substantiate their claims.

A preliminary inquiry revealed glaring irregularities. Investigators found that certain bank officials, in connivance with members of the cooperative society, had processed fake loan cases in the names of non-existent individuals. The funds, officials said, were then misappropriated and siphoned off for personal use.

The Crime Branch in a statement sent to Kashmir Observer has identified several individuals prima facie involved in the fraud. They 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

Police sources said more individuals are likely to be named as the probe deepens.

MENAFN04092025000215011059ID1110015698

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.