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

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    ED carries out searches at 7 areas in J&K bank suspicious transactions 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, 06: 14 PM IST

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

    An FIR was signed up by the CID, CIK Srinagar against the bank authorities of the J&K Bank, personal individuals, unknown public servants, and others for suspicious deals in various checking account of the J&K Bank. It has actually been alleged in the FIR that these checking account were used for routing money of both public servants and some personal celebrations.

    The ED conducted raids at seven locations, 6 of them in Srinagar and one in the Anantnag district.

    ” On the basis of particular details, searches at 7 locations belonging to Mohd Ibrahim Dar, Murtaza Enterprises, Azad Agro Traders, M & M Home Industries and Mohd Sultan Teli were conducted which resulted in the healing of evidence of money laundering as the savings account have actually been found to be utilized for routing suspicious deals. The celebrations covered under searches are associated with Hospitality and Agro-based Industries, civil building and real estate,” said ED.

    Contributing To that, the ED said, “Even more, bank officials, in connivance with these public servants, deliberately left out to raise the notifies as needed under Anti-Money Laundering (AML) norms. The examinations carried out under PMLA so far have actually revealed that the deals in much of these savings account preserved with J&K Bank were not authentic and these accounts were made use of for the purpose of laundering.”

    The ED is tape-recording the statements of individuals included to decipher the source of credits and debits in the checking account.

    ” Declaration of persons covered in the searches are being taped to unwind the source of huge credits and debits in their accounts. Recuperated incriminating files and soft information are likewise being analysed,” it stated.

    The investigation into the case is under development.

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    India.
    ( the headline, this story has actually not been released by Crucial India News staff and is released from a syndicated feed.).

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