Srinagar, Aug 1: The Economic Offences Wing (EOW), Kashmir, of the Crime Branch J&K has filed a chargesheet in a ₹3.11 crore embezzlement case involving the Central Co-operative Bank, Baramulla, alleging large-scale financial fraud and criminal conspiracy at its Langate branch.
According to a statement issued by the Crime Branch, the chargesheet in FIR No. 25/2016 has been filed before the Court of the Chief Judicial Magistrate, Handwara, under Sections 420 (cheating), 468 (forgery), 471 (using forged documents as genuine), and 120-B (criminal conspiracy) of the Ranbir Penal Code (RPC).
The case was registered following a written communication from the then Registrar, Co-operative Societies, J&K, highlighting alleged financial irregularities and embezzlement in various branches of the Central Co-operative Bank, Baramulla.
During the investigation, the EOW found that the then Branch Manager of the Langate branch, allegedly in connivance with another accused, fraudulently sanctioned fictitious loans and permitted overdrafts far beyond his delegated financial powers, resulting in the misappropriation of approximately ₹3.11 crore of the bank’s funds.
