Srinagar, Sept. 4 -- Crime Branch Kashmir (CBK) has registered an FIR into a massive loan fraud worth rs 3.09 crore linked to Hatigam Multipurpose Cooperative Society (MPCS), Anantnag, following a complaint by the General Manager of Anantnag Central Cooperative Bank.

According to the complaint, loans amounting to rs 3.09 crore were sanctioned in 2014 to 127 MPCS members. While rs 2.50 crore was recovered, rs 1.21 crore remained unpaid by 39 members, who claimed to have cleared their dues directly with the Society, producing receipts as proof.

Preliminary investigation revealed that several bank officials, in connivance with MPCS members, processed fraudulent loan cases in the names of non-existent persons, siphoning off funds for person...