Co-operative Society Employee Arrested For Opening Fake Deposits 


SRINAGAR — The Crime Branch Kashmir Tuesday registered a case against a staffer of Adarsh Credit Co-Operative Society Ltd (ACCS) for cheating the customers by opening fake fixed deposit (FD) accounts.

The investigating agency in a statement stated that case was registered after it received a communication from Adarsh Credit Co-Operative Society Ltd through Bhanu Sharma, its Regional Officer I-Charge, regional Office Jammu and Kashmir that Malik Muzaffar S/O  Ghulam Mohammad R/o Malik Pora 109, Dooru, Anantnag, who was  working as their staffer  in the Anantnag Branch of Adarsh Credit Co-Operative Society Ltd had duped some people.

On 14 Feb the Assistant Regional Manager of the society received a telephonic complaint from Nazir Ahmad Kumar S/O  Ab. Gaffar Kumar that he had given his deposit certificate (FDR) of Rs 2,27,550 to the accused on 15 January for encashment and payment of the maturity amount, but the amount was not paid to him till date and was “grabbed by the suspect who had issued fake and forged FDRs.”

Subsequently, a preliminary enquiry was initiated at Crime Branch Kashmir, Srinagar.

During the course of enquiry it has surfaced that the suspect Muzaffar Malik S/o Ghulam Mohammed Malik  R/O Malik Pora, Dooru, Anantnag has collected approximately an amount of Rs 1.20 crore from the customers by issuing fake and forged FDRs.

It also   came to fore that during his posting  at  Anantnag Branch  and other two branches of the society, he stole some blank FDRs and other documents,  thereby collected huge amounts from the gullible customers  through  Ghulam Rasool Ganie  and issued  fake  FDRs  to them, with the  assurance  that the amount so  deposited will be doubled   within  four year. But at the time of maturity, no such amount was paid to customers as the FDRs were fake and forged. “Thereby suspect cheated the customers and grabbed their hard earned money,” he said.

Adarsh Credit Co-Operative Society Ltd is a Multi-state Credit Co-operative Society registered under “the Multi-State Co-operative Societies Act-2002” with its branches all over the state.

The society is registered under “the Multi-State Co-operative Societies Act-2002” with its branches all over the state. 

The communication further revealed that the Society is engaged in the business of providing financial services of “thrift and credit to the members of the society, repayable on demand or otherwise, for the purpose of lending or investment.”

A deposit is accepted by the society against fixed Deposit receipt (FDR) to be issued to the member depositor.



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