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ED conducts searches at seven locations in Jammu and Kashmir in connection with suspicious transactions in J&K Bank
The ED said that it has been alleged that the bank accounts were used for routing money of public servants as well as some private parties.
Highlights
- Among these 7 locations, six are in Srinagar and one in Anantnag district.
- ED initiated investigation under PMLA after CID, CIK Srinagar registered FIR against bank officials of J&K Bank, unidentified public servants and private persons and others for suspicious transactions in various bank accounts.
- "Statement of persons covered in the searches are being recorded to unravel the source of huge credits and debits in their accounts," stated ED.
Srinagar: The Directorate of Enforcement (ED) on Saturday (November 21, 2020) conducted searches at seven places across Jammu and Kashmir under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) in a case relating to suspicious transactions in J&K Bank.
The ED conducted raids at six locations in Srinagar and one in Anantnag district.
The ED initiated investigation under PMLA after CID, CIK Srinagar registered FIR against bank officials of J&K Bank, unidentified public servants and private persons and others for suspicious transactions in various bank accounts.
The ED said that it has been alleged in the FIR that the bank accounts were used for routing money of public servants as well as some private parties.
"Further, bank officials, in connivance with these public servants, deliberately omitted to raise the alerts as required under Anti-Money Laundering (AML) norms. The investigations conducted under PMLA so far have revealed that the transactions in many of these bank accounts maintained with J&K Bank were not genuine and these accounts were utilized for the purpose of laundering," said ED.
They added, "On the basis of specific information, searches at seven places belonging to Mohd Ibrahim Dar, Murtaza Enterprises, Azad Agro Traders, M & M Cottage Industries and Mohd Sultan Teli were conducted which resulted in the recovery of evidence of money laundering as the bank accounts have been found to be used for routing suspicious transactions. The parties covered under searches are involved in Hospitality and Agro-based Industries, civil construction and real estate."
"Statement of persons covered in the searches are being recorded to unravel the source of huge credits and debits in their accounts. Recovered incriminating documents and soft data are also being analysed," stated ED.
Further investigation is under progress.