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Bank money laundering case; ED multiple raids in J&K

KT NEWS SERVICE. Dated: 11/22/2020 10:56:37 AM

SRINAGAR, Nov 21: 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.
"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.
The ED said it raided Mohd Ibrahim Dar, Murtaza Enterprises, Azad Agro Traders, M & M Cottage Industries and Mohd Sultan Teli who are "involved" in the hospitality and agro-based industries, civil construction and real estate businesses. "The searches resulted in the recovery of evidence of money laundering as the bank accounts have been found to be used for routing suspicious transactions," it said.
"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.