The Enforcement Directorate (ED) carried out searches in seven locations in Jammu and Kashmir (J&K) in a case of suspicious transactions at J&K Bank. The research was initiated under the Prevention of Money Laundering Act 2002 (PMLA).
An FIR has been registered by CID, CIK Srinagar against J&K Bank banking officials, private individuals, unidentified officials and others for suspicious transactions on various J&K Bank bank accounts. It was alleged in the FIR that these bank accounts were used to channel money from officials and some private parties.
The DE carried out raids in seven locations, six of them in Srinagar and one in Anantnag district.
“Based on specific information, searches were conducted at seven locations owned by Mohd Ibrahim Dar, Murtaza Enterprises, Azad Agro Traders, M & M Cottage Industries and Mohd Sultan Teli, which found evidence of money laundering as bank accounts. were found to be used to route suspicious transactions. The parties covered by the research are involved in the hospitality and agrifood industries, civil construction and real estate, ”said ED.
Adding to this, the DE said: “In addition, bank officials, in collusion with these officials, have deliberately failed to trigger the alerts as required by anti-money laundering (AML) standards. conducted so far under PMLA have revealed that the transactions in many of these bank accounts held with J&K Bank were not genuine and these accounts were being used for money laundering purposes. “
The general manager records the statements of the persons involved to disentangle the source of credits and debits on bank accounts.
“Statements of those covered by the tracing are being recorded to unravel the source of huge credits and debits in their accounts. Retrieved incriminating documents and unreliable data are also being analyzed,” he said.
The investigation into the case is ongoing.