Srinagar, September 4, 2025 : The Crime Branch Kashmir (CBK) has registered a case into a loan fraud of ₹3.09 crore involving the Hatigam Multipurpose Cooperative Society (MPCS) in Anantnag, officials said on Thursday.
The action follows a formal complaint lodged by the General Manager of Anantnag Central Cooperative Bank, alleging large-scale financial irregularities linked to the MPCS. According to the complaint, loans totaling ₹3.09 crore were disbursed in 2014 to 127 members of the society. While ₹2.50 crore was recovered, ₹1.21 crore remains unpaid by 39 members. The defaulters, however, claimed they had cleared their dues directly with the society and produced receipts as proof.
A preliminary investigation revealed that bank officials, in collusion with MPCS members, had fraudulently processed fake loan cases in the names of non-existent individuals, diverting the funds for personal gain.
The following individuals have been identified as prima facie involved:
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Reyaz Ahmad Bhat, S/o Ghulam Qadir Bhat, Hatigam, Anantnag (Accountant)
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Mohammad Shafi Bhat, S/o Ghulam Qadir Bhat, Hatigam, Anantnag
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Ghulam Rasool Bhat, S/o Ghulam Qadir Bhat, Hatigam, Anantnag
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Ghulam Qadir Bhat, S/o Mukhta Bhat, Hatigam, Anantnag
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Haseena Banoo, W/o Mohammad Shafi Bhat, Hatigam, Anantnag
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Mohammad Yousuf Bhat, S/o Abdul Razak Bhat, Hatigam, Anantnag
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Others
An FIR has been registered at the Police Station Economic Offences Wing (Crime Branch Kashmir) under Sections 420, 468, 471, 120-B RPC read with Section 5(2) of the Prevention of Corruption Act. Investigation is currently underway.
