Srinagar, Aug 1: The Economic Offences Wing (EOW) of the Crime Branch, Jammu and Kashmir, has filed a chargesheet against a retired branch manager and a cashier-cum-clerk in connection with the alleged embezzlement of around ₹3.11 crore from the Central Co-operative Bank’s Langate branch in north Kashmir.
The chargesheet has been presented before the Court of the Chief Judicial Magistrate, Handwara, in FIR No. 25/2016 under Sections 420, 468, 471 and 120-B of the Ranbir Penal Code (RPC), relating to cheating, forgery, use of forged documents and criminal conspiracy.
According to the Crime Branch, the investigation was launched following a written communication from the then Registrar of Co-operative Societies, Jammu and Kashmir, alleging large-scale financial irregularities and embezzlement in various branches of the Central Co-operative Bank, Baramulla.
Investigators found that the then branch manager of the Langate branch, in alleged connivance with other accused, fraudulently sanctioned fictitious loans and permitted overdrafts far beyond his delegated financial powers. The alleged fraudulent transactions resulted in the misappropriation of nearly ₹3.11 crore of the bank’s funds, causing substantial financial loss to the institution.
The probe further revealed that the accused had entered into a criminal conspiracy to facilitate the fraudulent transactions. The Crime Branch said the allegations were substantiated during the course of the investigation, following which the chargesheet was filed before the competent court for judicial proceedings.
The two accused named in the chargesheet are retired Branch Manager Ghulam Mohd Beigh of Kenyal Tarthpora, Handwara, and Cashier-cum-Clerk Abdul Hamid Gojrii of Gund Karim Khan, Rafiabad.
