Srinagar, Aug 1 (NVI): The Economic Offences Wing (EOW) of the Jammu and Kashmir Crime Branch has filed a chargesheet against two former employees of the Central Co-operative Bank, Baramulla, in connection with an alleged embezzlement of over ₹3.11 crore, officials said on Saturday.
The chargesheet was filed before the Court of the Chief Judicial Magistrate, Handwara, in connection with a 2016 case registered following allegations of large-scale financial irregularities in the bank’s Langate branch.
According to the Crime Branch, the investigation was initiated on a complaint from the then Registrar of Co-operative Societies, J&K, regarding suspected financial irregularities in various branches of the bank.
The probe revealed that the then branch manager, allegedly in connivance with the cashier-cum-clerk, fraudulently sanctioned fictitious loans and permitted overdrafts beyond his delegated financial powers, leading to the misappropriation of about ₹3.11 crore of bank funds, officials said.
The two accused have been chargesheeted under provisions related to cheating, forgery, use of forged documents and criminal conspiracy, they said.
Officials said the investigation found evidence of a criminal conspiracy that resulted in substantial financial loss to the bank.
The accused have been identified as a retired branch manager and a cashier-cum-clerk of the Langate branch, they added.
The Crime Branch has appealed to the public to remain vigilant against economic offences and report any suspected financial fraud to the Economic Offences Wing.(NVI)
