ED conducted searches at 7 locations in J&K bank suspicious transactions case

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    ED performed searches at 7 locations in J&K bank suspicious deals case

    The ED carried out searches in Srinagar and Anantnag in Jammu and Kashmir in connection to a case of suspicious deals in J&K Bank.


    Directorate of Enforcement

    Updated: Nov 21, 2020, 05: 46 PM IST

    The Directorate of Enforcement (ED) performed searches at 7 locations in Jammu and Kashmir (J&K) in a case of suspicious transactions in the J&K Bank. The searches were started under the Prevention of Cash Laundering Act (PMLA) 2002.

    An FIR was signed up by the CID, CIK Srinagar against the bank officials of the J&K Bank, personal individuals, unknown public servants, and others for suspicious transactions in different checking account of the J&K Bank. It has actually been declared in the FIR that these checking account were used for routing cash of both public servants and some private parties.

    The ED performed raids at 7 areas, 6 of them in Srinagar and one in the Anantnag district.

    ” On the basis of specific details, searches at seven places coming from Mohd Ibrahim Dar, Murtaza Enterprises, Azad Agro Traders, M & M Home Industries and Mohd Sultan Teli were conducted which resulted in the recovery of evidence of cash laundering as the savings account have been found to be utilized for routing suspicious transactions. The parties covered under searches are included in Hospitality and Agro-based Industries, civil construction and property,” stated ED.

    Including to that, the ED said, “Even more, bank officials, in connivance with these public servants, intentionally left out to raise the notifies as needed under Anti-Money Laundering (AML) standards. The examinations conducted under PMLA up until now have actually revealed that the transactions in a number of these savings account preserved with J&K Bank were not authentic and these accounts were used for the purpose of laundering.”

    The ED is taping the statements of individuals included to unravel the source of credits and debits in the savings account.

    ” Statement of individuals covered in the searches are being recorded to unwind the source of substantial credits and debits in their accounts. Recuperated incriminating documents and soft data are also being analysed,” it stated.

    The examination into the case is under development.

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